As one of the world`s most prosperous nations, the United Arab Emirates (UAE) has been actively seeking to expand its partnerships with other countries. One of its primary targets has been Canada, and the two nations have made significant strides in the past few years.
The first trade agreement between the UAE and Canada was signed in 2007. This agreement focused primarily on investment and trade in goods and services. Since then, the two nations have made consistent efforts to strengthen their economic ties, and in 2010, they signed a Foreign Investment Protection and Promotion Agreement (FIPA).
This agreement provided for the protection of investments made by companies from one country in the other. It also created a framework for promoting bilateral investment between the UAE and Canada. The FIPA was seen as a major step in the right direction, as it was expected to increase the volume of trade between the two nations.
In 2017, the UAE and Canada signed a Comprehensive Economic and Trade Agreement (CETA). This agreement was designed to enhance trade, investment, and innovation between the two countries. It is expected to increase the number of Canadian businesses operating in the UAE and vice versa.
Under CETA, the UAE and Canada have eliminated tariffs on a wide range of products and services. These include agricultural products, automobiles, and industrial goods. The agreement has also opened up opportunities for businesses in both nations to participate in government procurement tenders.
In addition to these economic benefits, the UAE and Canada have also agreed to cooperate in other areas, such as energy and technology. The UAE is a major oil and gas producer, while Canada is a leader in renewable energy technologies. This creates scope for collaboration in areas such as clean energy and sustainable development.
The UAE and Canada have also expressed a desire to work together on research and innovation. This could include joint research projects in fields such as healthcare, biotechnology, and artificial intelligence. The two nations have already taken steps in this direction, with the establishment of joint research centers and the funding of collaborative research projects.
In conclusion, the trade agreements between the UAE and Canada have created a strong foundation for economic and technological cooperation. With the elimination of tariffs and the promotion of bilateral investment, businesses in both countries stand to benefit significantly from these agreements. As the UAE and Canada continue to expand their partnerships, we can expect to see new opportunities for collaboration in a variety of fields.