Canada and UAE sign trade pact with tariff relief projected

Canada and the United Arab Emirates signed a Comprehensive Economic Partnership Agreement on October 27, a trade pact Ottawa says will reduce or eliminate tariffs on more than 99 percent of Canada’s current exports to the UAE once it is fully implemented. Prime Minister Mark Carney and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan presided over the signing during the crown prince’s visit to Ottawa. Canada expects the agreement to enter into force in 2027. The projected tariff coverage and timing are government estimates, not realized effects. The agreement is intended to lower trade barriers, reduce red tape and improve market access for businesses in both countries. Ottawa says it will address non-tariff barriers and expand access for Canadian goods and services, including in agriculture, industrial machinery, aerospace, forestry, fisheries, environmental services and engineering. The UAE is the largest Middle Eastern market for Canadian exports and a major buyer of Canadian motor vehicles, parts and machinery. Two-way trade was worth C$3.5 billion last year, according to government data cited in reporting. Canada’s trade minister, Maninder Sidhu, said...