Canada, UAE Seal Landmark Trade Deal Negotiated in Record 47 Days
(MENAFN) Canada and the United Arab Emirates sealed a Comprehensive Economic Partnership Agreement (CEPA) on Tuesday and unveiled a new strategic partnership, the Prime Minister’s Office said in a statement.
Mark Carney, Canada’s prime minister, and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the signing ceremony in Ottawa. The statement described the trip as the first visit to Canada by an Abu Dhabi Crown Prince.
The two leaders pointed to “the strong momentum they have built since the Prime Minister’s visit to the United Arab Emirates (UAE) last November,” and stressed the need for “deepening the trusted partnership between Canada and the UAE and increasing economic cooperation in a more dangerous and divided world,” according to the statement.
The trade pact, which was “successfully negotiated in a record 47 days,” is expected to strengthen economic ties, widen commercial opportunities and support long-term prosperity in both countries, the statement said.
The leaders also welcomed the Canada-UAE Strategic Partnership, a framework for deeper cooperation on shared priorities that include trade and investment, energy, innovation, defense and security, and sustainable development.
To move the partnership forward, the two countries signed several memoranda of understanding covering energy, defense, and diplomatic learning and development.
Carney and Sheikh Khaled also noted progress on the UAE’s historic commitment to invest $70 billion in Canada. Opportunities under the pledge include major investments in energy, transportation infrastructure and technology.
The talks also covered regional and global developments, including the situation in the Middle East, maritime security, and international peace and security. The statement said the leaders reaffirmed their commitment to “dialogue, regional stability, freedom of navigation, and effective multilateral cooperation,” the statement noted.
The two leaders agreed to stay in close contact.
Mark Carney, Canada’s prime minister, and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, attended the signing ceremony in Ottawa. The statement described the trip as the first visit to Canada by an Abu Dhabi Crown Prince.
The two leaders pointed to “the strong momentum they have built since the Prime Minister’s visit to the United Arab Emirates (UAE) last November,” and stressed the need for “deepening the trusted partnership between Canada and the UAE and increasing economic cooperation in a more dangerous and divided world,” according to the statement.
The trade pact, which was “successfully negotiated in a record 47 days,” is expected to strengthen economic ties, widen commercial opportunities and support long-term prosperity in both countries, the statement said.
The leaders also welcomed the Canada-UAE Strategic Partnership, a framework for deeper cooperation on shared priorities that include trade and investment, energy, innovation, defense and security, and sustainable development.
To move the partnership forward, the two countries signed several memoranda of understanding covering energy, defense, and diplomatic learning and development.
Carney and Sheikh Khaled also noted progress on the UAE’s historic commitment to invest $70 billion in Canada. Opportunities under the pledge include major investments in energy, transportation infrastructure and technology.
The talks also covered regional and global developments, including the situation in the Middle East, maritime security, and international peace and security. The statement said the leaders reaffirmed their commitment to “dialogue, regional stability, freedom of navigation, and effective multilateral cooperation,” the statement noted.
The two leaders agreed to stay in close contact.
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