Canada and UAE sign economic partnership agreement — Anadolu Agency

According to the Office of the Prime Minister of Canada, Canada and the United Arab Emirates signed a Comprehensive Economic Partnership Agreement (CEPA) and launched a strategic partnership in Ottawa on October 28. Canadian Prime Minister Mark Carney and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan took part in the ceremony.

As Anadolu Agency reports, the Canadian prime minister’s office said this was the Abu Dhabi crown prince’s first visit to Canada. The parties noted increased contacts following Carney’s trip to the UAE last November.

The agreement was finalized in 47 days

According to the Canadian side, negotiations on the CEPA were completed in a record 47 days. The agreement is intended to strengthen economic ties between the countries, expand commercial opportunities and support the long-term prosperity of both states.

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The new strategic partnership creates a framework for deepening cooperation in trade and investment, energy, innovation, defence and security, as well as sustainable development.

Investments and memorandums

Canada and the UAE also signed several memorandums of understanding in the areas of energy, defence, and diplomatic training and professional development. The leaders welcomed progress toward fulfilling the UAE’s commitment to invest $70 billion in Canada, including in energy, transport infrastructure and technology.

Carney and Sheikh Khaled discussed regional and global issues, including the situation in the Middle East, maritime security, international peace and security. They reaffirmed their commitment to dialogue, regional stability, freedom of navigation and effective multilateral cooperation.