ABU DHABI, 16th July, 2019 (WAM) -- Commercial trade between the UAE and Canada totalled AED7.8 billion in 2018, said Badr Al Mushrekh, Director of the Commercial Policies and International Organisations Administration at the UAE Ministry of Economy.
The ministry representative made his remarks while commenting on the latest 'Trade Policy Review: Canada' report issued by the World Trade Organisation, WTO, Secretariat.
According to the WTO Secretariat report, the Canadian economy was characterised by moderate GDP growth and low inflation for the 2015-2018 period during which the review process took place. "Canada has achieved a high standard of living for its population," the report added, noting that GDP per capita in nominal terms reached US$46,182 in 2018.
Foreign direct investment, FDI, remains an important aspect of Canada's economy, "direct investment abroad amounting to over CAD1 trillion in 2017, equivalent to over 50 percent of its GDP," the report revealed.
It highlighted the recent 'Export Diversification Strategy' revealed by the Canadian government, noting the strategy objective to increase overseas exports by 50 percent by 2025.
The strategy aims to assist Canadian business - of diverse sizes and sectors - to maximise growth by captalising on more economic opportunities abroad, linking them to global markets, providing export strategy resources, and enhancing trade services for the country's exporters.
The report also noted that Canada has committed to eliminate remaining export subsidies by the end of 2020 in accordance with the Nairobi Ministerial Decision on Export Competition.