The United Arab Emirates and Canada signed a Comprehensive Economic Partnership Agreement (CEPA) in Ottawa on Tuesday, during the first visit to Canada by a Crown Prince of Abu Dhabi.
Canadian Prime Minister Mark Carney and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, welcomed the signing, according to a readout from the Canadian Prime Minister’s Office. The deal was negotiated in 47 days.
Once fully implemented, the CEPA will reduce or eliminate tariffs on more than 99% of current Canadian exports to the UAE, the Prime Minister’s Office said in a statement cited by The Globe and Mail.
The agreement also addresses non-tariff barriers and expands market access for goods and services in sectors including industry, agriculture, forestry, fish and seafood, and engineering. It is expected to enter into force in 2027.
Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of Foreign Trade, signed the agreement with Maninder Sidhu, Canada’s Minister of International Trade.
Al Zeyoudi said the deal offered improved market access for UAE exporters and investment opportunities in sectors such as logistics, communications, advanced technology and manufacturing.
The two governments also launched a Canada-UAE Strategic Partnership and signed memoranda of understanding on energy, defense, and diplomatic learning and development.
The leaders welcomed progress toward the UAE’s commitment to invest C$70 billion in Canada, including in energy, transportation infrastructure and technology, the readout said.
Sidhu said the investment could include mining, logistics, energy and digital technology, CBC News reported. The signing is the last step before Canada’s Parliament can ratify the agreement, a Canadian government source told The Globe and Mail.
