Canada signs trade deal with UAE in push for non-US markets
Summary
Canada and the United Arab Emirates signed a Comprehensive Economic Partnership Agreement to reduce trade barriers and expand investment. The deal supports Prime Minister Mark Carney’s effort to grow Canada’s trade with markets beyond the United States amid tensions over U.S. tariffs.Key Facts
- The agreement aims to cut tariffs, reduce red tape and improve market access for businesses in both countries.
- Canada says the deal will reduce or eliminate tariffs on more than 99 percent of its current exports to the UAE once fully implemented.
- The agreement is expected to take effect in 2027.
- Canada and the UAE also signed preliminary agreements on energy, diplomatic and defence cooperation.
- Two-way trade between the countries was worth 3.5 billion Canadian dollars, or about $2.48 billion, last year.
- The UAE is the largest Middle East market for Canadian exports and a major buyer of Canadian vehicles, parts and machinery.
- The UAE committed up to $50 billion in investment in Canada last year.
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