Home / Business and Economy / Canada-UAE Seal Landmark Trade Deal
Canada-UAE Seal Landmark Trade Deal
28 Oct
Summary
- Canada and UAE signed a comprehensive trade deal.
- The agreement aims to cut tariffs on over 99% of Canadian exports.
- The CEPA is expected to enter into force in 2027.
Canada and the United Arab Emirates have cemented a Comprehensive Economic Partnership Agreement (CEPA), marking a significant advancement in their economic relations. This accord is designed to dismantle trade barriers, reduce tariffs on more than 99% of current Canadian exports to the UAE, and streamline market access for businesses in both nations.
The CEPA is projected to officially take effect in 2027, following ratification. This strategic move by Prime Minister Mark Carney aims to expand Canada's global trade footprint amidst ongoing economic diversification efforts.
Beyond tariff reductions, the agreement addresses non-tariff barriers and fosters a more predictable environment for trade and investment. It is expected to benefit sectors including agriculture, manufacturing, aerospace, and services, bolstering Canada's economic resilience and global connectivity.
The UAE represents the largest Middle Eastern market for Canadian exports, with bilateral trade valued at C$3.5 billion last year. Preliminary agreements on energy, diplomatic, and defense cooperation were also signed, underscoring a deepening partnership.
