President Sheikh Mohamed and Canadian PM Mark Carney discuss UAE-Canada economic ties

President Sheikh Mohamed and Canadian Prime Minister Mark Carney engaged in a discussion on Friday to explore avenues for strengthening economic and investment ties between the UAE and Canada. The leaders emphasized the importance of advanced technology and artificial intelligence in driving their nations' ambitions to become leaders in emerging industries. Both emphasized the need for long-term, sustainable partnerships to advance their bilateral relations.

In July, the UAE had finalized a Comprehensive Economic Partnership Agreement (CEPA) with Canada, aimed at reducing trade barriers and facilitating the movement of goods, services, and investment. This trade agreement follows a $50 billion investment commitment from the UAE in November last year. The CEPA benefits Canadian companies by expanding their access to the UAE, which remains the largest market for Canadian exports to the Middle East.

The agreement could also help attract capital into sectors such as energy, mining, artificial intelligence, and ports.

During the call, the leaders also addressed various regional and international issues of mutual concern. They exchanged views on developments in the Middle East, expressing support for continued efforts to promote security, stability, and peace in the region. The emphasis on AI and advanced technology in their conversation signals a forward-looking agenda, aligning with the UAE's broader national strategy to diversify its economy and solidify its position as a global hub for innovation.