Prime Minister Mark Carney signed an investment pact with the United Arab Emirates (UAE) during his trip to the country this week, and began talks about establishing a new trade pact between the two nations.
Carney met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on Nov. 20, which was the first in-person bilateral meeting between Canadian and Emirati leaders since 1983. The leaders signed the Canada-UAE Foreign Investment Promotion and Protection Agreement (FIPA), which “establishes clearer rules and protections for investors and creates a more predictable environment for two-way investment,” according to the Prime Minister’s Office (PMO).
FIPA is meant to support long-term partnerships between investors in Canada and the UAE, and create a “more predictable environment” for two-way investment, the PMO said. The goal is to support partnerships between industries in the two countries and attract capital to nation-building projects in Canada, in turn creating jobs for workers.
