From: Global Affairs Canada
May 29, 2018 - Ottawa, Ontario - Global Affairs Canada
Creating the right conditions for Canadian companies to compete internationally is an important part of the Government of Canada’s progressive trade agenda. Expanding and diversifying Canada’s trade and investment relations contributes directly to the economy and benefits hard-working Canadians.
The Honourable François-Philippe Champagne, Minister of International Trade, and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation of the United Arab Emirates (U.A.E.), are pleased to announce the successful conclusion of negotiations toward a bilateral foreign investment promotion and protection agreement (FIPA) between Canada and the U.A.E.
The economic relationship between the U.A.E. and Canada has deepened over the last 12 months, with increased investments, transportation links and ties between peoples. The FIPA is another step in further developing Canada’s strategic relationship with the U.A.E.
During the visit of Sheikh Abdullah, on which he was accompanied by four other U.A.E. cabinet ministers, ministers and officials from both Canada and the U.A.E. discussed how this new agreement, once in force, will deepen economic ties and expand investment opportunities for businesses in both countries.
A bilateral FIPA will provide greater predictability and certainty for Canadian investors considering investments in the U.A.E. and for U.A.E. investors in Canada, while also ensuring that Canada’s progressive trade agenda is supported. In the coming months, Canada and the U.A.E. will take the necessary domestic procedures to prepare for signing and entry into force of the agreement.
“The conclusion of the negotiations toward a foreign investment promotion and protection agreement will further strengthen the economic partnership between Canada and the U.A.E. and is another important step in solidifying our growing bilateral relationship. Diversifying our trade and investment ties with a strategic partner such as the U.A.E. is central to Canada’s progressive agenda and will contribute to the growth and prosperity of both our countries.”
François-Philippe Champagne, Minister of International Trade
On July 8, 2014, Canada and the U.A.E. agreed to begin negotiations toward a foreign investment promotion and protection agreement.
In 2017, bilateral merchandise trade between Canada and the U.A.E. totalled $1.8 billion.
Foreign direct investment is a key area of common interest with the U.A.E., with investments in Canada totalling $3.9 billion in 2017.
The U.A.E. is Canada’s largest export market in the Middle East and North Africa, and is Canada’s 21st-largest export market globally.