Toronto - Canada, July 25 /WAM/ The United Arab Emirates and Canada announced the successful conclusion of negotiations for the Comprehensive Economic Partnership Agreement between the two countries, a step that reflects the growing momentum in bilateral relations and the shared vision to elevate them to new horizons of economic and investment cooperation.

The successful completion of the negotiations and reaching the final terms of the agreement translates the keenness of the two countries' leaderships to continue elevating friendly relations to new horizons, which contributed to accelerating the pace of negotiations and completing them in record time, making it the fastest concluded among 38 agreements reached by the UAE under the umbrella of the Comprehensive Economic Partnership Agreements program launched in September 2021.

The announcement of reaching the final terms of the agreement came during a meeting between His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, who is on an official visit leading a UAE delegation including officials and business leaders to Toronto, and His Excellency Maninder Sidhu, Minister of International Trade of Canada.

His Excellency Dr. Thani bin Ahmed Al Zeyoudi said: 'The successful conclusion of the Comprehensive Economic Partnership Agreement negotiations between the UAE and Canada embodies the depth of strategic relations between the two friendly countries and reflects the shared vision of their leaderships to build a stronger, more resilient, and sustainable economic partnership. It also affirms the UAE's ability, under the guidance of its wise leadership, to translate strategic partnerships into tangible economic opportunities that support mutual growth and prosperity.'

His Excellency added: 'The momentum provided by the high-level meetings between the leaderships of the two countries contributed to accelerating the pace of negotiations and reaching this agreement in record time, making it the fastest concluded within the UAE's Comprehensive Economic Partnership Agreements program to date.'

He continued: 'Through this agreement, we open new horizons for the business community in both countries and enhance investment and cooperation opportunities in future sectors, including clean energy, advanced technology, data centers, food and agriculture, aviation, and critical minerals.'

Al Zeyoudi pointed out that the agreement will represent an important platform to enhance private sector participation, expand mutual market access, support supply chains, and stimulate innovation, achieving long-term economic value for both countries and strengthening their positions as global trade and investment hubs.

For his part, His Excellency Maninder Sidhu said: 'The successful conclusion of the Comprehensive Economic Partnership Agreement negotiations with the UAE, which began last month, represents the fastest trade negotiations ever conducted by Canada and marks an important milestone in the growing relations between our two countries. This agreement will open new avenues for Canadian companies to leverage the UAE as a regional trade hub to boost their exports to global markets, while encouraging UAE investments in projects that support our long-term economic goals. The Comprehensive Economic Partnership Agreement between Canada and the UAE embodies the strength of the partnership between our two countries, which will yield sustainable benefits for businesses, workers, and communities in both countries.'

The agreement paves the way for a new phase of economic cooperation between the two countries by reducing customs tariffs, enhancing mutual market access, and providing qualitative opportunities for the private sector in a range of strategic and promising sectors, including aviation, food and agriculture, critical minerals, clean energy, and data centers, supporting the building of a stronger, more resilient, and sustainable economic partnership that serves the common interests of the two friendly countries.

The agreement aims to elevate the thriving non-oil bilateral trade between the UAE and Canada, which reached about $4.2 billion in 2025, a growth of nearly 21% compared to the previous year.

Under the agreement, customs duties will be reduced and companies' access to the markets of both countries will be expanded. The agreement is expected to, by enhancing cooperation in key sectors including metal industries (aluminum and steel), aviation and aerospace, agri-food, and seafood, lead to billions of dollars in investments flowing into major projects, including ports, mines, LNG facilities, data centers, and critical minerals.

The two countries have previously signed an agreement on the promotion and protection of foreign investment, which contributed to building long-term partnerships between the industrial sectors in both countries, attracted capital to major projects, and helped create job opportunities.

The UAE's Comprehensive Economic Partnership Agreements program constitutes a key pillar of its foreign trade strategy, having seen agreements signed with 38 countries since its launch in September 2021.

By enhancing access to global markets and increasing trade and investment flows with high-growth economies, the UAE is taking major steps towards achieving its goal of doubling its economy to exceed $800 billion by 2031, after its total trade value reached $1 trillion six years ahead of the target date.