Prime Minister Mark Carney is set to finalize an investment deal with the United Arab Emirates during his upcoming trip, as per a senior government official speaking to CBC News. The agreement, known as a foreign investment, promotion, and protection agreement (FIPA), will facilitate mutual investments between Canada and the U.A.E. by establishing regulations, including a mechanism for resolving disputes. Such agreements create a stable investment environment, crucial during uncertain economic times.
Additionally, Canada is expected to initiate discussions on a streamlined free trade agreement with the U.A.E., focusing on artificial intelligence (AI), aerospace, and labor mobility. This move is part of a broader strategy to strengthen global trade relationships and promote economic stability amid growing anti-globalization sentiments.
During his visit to Abu Dhabi, Carney plans to meet with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan to enhance economic collaboration in key sectors such as energy, agriculture, infrastructure, and AI. The meeting is strategically positioned en route to the G20 leaders’ summit in Johannesburg, South Africa.
Canada aims to attract substantial foreign investments and diversify its trade partnerships, particularly following trade disruptions with the U.S. due to tariffs imposed by former President Donald Trump. The government official emphasized Canada’s appeal as a secure investment destination and a key player bridging the European Union and Asia.
Despite concerns raised by human rights experts regarding the U.A.E.’s alleged support of paramilitary forces involved in atrocities in Sudan, Canada continues engagement with international partners to address humanitarian crises in the region. The Prime Minister’s Office highlighted Canada’s ongoing humanitarian assistance to Sudan, totaling nearly $80 million this year.
While critics call for caution in trade agreements with countries like the U.A.E., the senior government official underscored the necessity of engaging with diverse partners in today’s rapidly evolving global landscape. They emphasized Carney’s pragmatic approach in recalibrating Canada’s international relationships to navigate shifting geopolitical dynamics.
Amidst debates on balancing economic interests with human rights values, experts advocate for leveraging trade engagements to promote Canadian principles worldwide. They acknowledge the complexities of international partnerships but stress the importance of upholding Canadian values while fostering global relationships.
