The Globe and Mail reports in its Saturday edition that the United Arab Emirates expects to announce investments in Canada's energy sector "very soon."
The Globe's James Bradshaw writes that Canada's Minister of International Trade, Maninder Sidhu, and UAE's Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, met in Toronto on Friday to announce a comprehensive economic partnership agreement.
The CEPA aims to reduce tariffs, eliminate trade barriers, and enhance market access for Canadian exporters to the UAE. It still awaits legal review, final signing and ratification before taking effect.
Canada's expanding relationship with the UAE is an early litmus test for Prime Minister Mark Carney's attempts to attract more foreign investments. In November, Mr. Carney secured a $70-billion investment pledge from the UAE for Canada. However, this has not yet materialized as Gulf officials seek shovel-ready projects, and many proposed initiatives in Canada are still not advanced. Ottawa is working to expedite the approval of infrastructure and energy projects.
National Bank of Canada sponsored the gathering. It opened an office in Dubai earlier this year. Ottawa has set goals to double non-U.S. exports within a decade.
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