Canada, UAE sign trade deal as Carney seeks new trading partners
SPY•Canada and the United Arab Emirates signed a trade deal expected to take effect in 2027 that would reduce or eliminate tariffs on more than 99% of current Canadian exports to the UAE. Two-way trade was worth C$3.5 billion last year.
1. Tariff cuts and access
The countries signed the Comprehensive Economic Partnership Agreement to lower trade barriers and boost investment. The deal would reduce or eliminate tariffs on more than 99% of current Canadian exports to the UAE and address non-tariff barriers; it is expected to enter into force in 2027.
2. Trade and next steps
Two-way trade was worth C$3.5 billion last year and has grown at 10% annually in recent years, according to government data. The signing is the last step before Canada’s Parliament can ratify the agreement, a Canadian government source said. The countries also signed preliminary agreements on energy, diplomatic and defence cooperation.
