Canada and the UAE to sign trade deal on Tuesday, source says
SPY•Canada and the United Arab Emirates will sign a comprehensive trade deal on Tuesday to lower trade barriers and boost investment, a source familiar with the plan said. The agreement must still be ratified by Canada's Parliament.
1. Signing planned Tuesday
Prime Minister Mark Carney will attend a signing ceremony with the Crown Prince of Abu Dhabi at 1 p.m. ET, according to Carney's schedule. International Trade Minister Maninder Sidhu and his Emirati counterpart, Thani bin Ahmed Al Zeyoudi, will sign the Comprehensive Economic Partnership Agreement, the source said.
2. Trade diversification push
Carney has vowed to double Canada's non-U.S. trade over the next decade as tariffs affect the Canadian economy and efforts to reach a deal with Washington have broken down. The signing is the last step before Canada's Parliament can ratify the agreement, the source said.
