Canada and the United Arab Emirates (UAE) have successfully concluded negotiations on a comprehensive economic partnership agreement aimed at transforming bilateral trade relations. Canadian Prime Minister Mark Carney and UAE President Sheikh Mohamed bin Zayed Al Nahyan announced the completion of the agreement during a phone call.
According to a statement from the Canadian Prime Minister's Office, this agreement was the "fastest" negotiated deal in the history of the two countries. The statement noted that this reflects the "focus, determination, and commitment" the parties have shown to bilateral relations.
The UAE is Canada's largest export market in the Middle East, and bilateral trade volume has been growing by 10 percent annually. The new agreement plans to lower tariffs, create new opportunities for Canadian workers, and provide Canadian companies with greater access to the UAE's $700 billion economy.
The leaders also agreed to deepen commercial ties in areas such as energy, critical minerals, infrastructure, technology, development aid, and artificial intelligence. The call also addressed ongoing tensions in the Middle East, with an emphasis on joint efforts to establish stability, security, and lasting peace in the region. The two leaders decided to maintain close contact.