Carney to sign investment agreement, launch Canada-United Arab Emirates trade talks: official

Rachel Aiello reports on Prime Minister Mark Carney's latest trade-seeking mission as he begins a week-long trip to the United Arab Emirates and South Africa.

ABU DHABI – Prime Minister Mark Carney intends to sign a long-negotiated investment agreement, as well as begin launching talks towards a new Canada-United Arab Emirates trade pact while in the Gulf nation, according to a senior government official.

The official — who spoke to reporters aboard the prime minister’s plane on background — confirmed that before his time in Abu Dhabi concludes, Carney will be signing a new Foreign Investment Protection Agreement (FIPA). He’s also expected to announce the start of talks towards a new Comprehensive Economic Partnership Agreement (CEPA).

Noting the federal Liberal government’s goal of improving Canada’s economic autonomy by strengthening trade ties beyond the United States, the official said that Carney sees the Gulf as a region with a lot of partnership potential, given both nations’ resource economies and artificial intelligence strengths.

Signing the FIPA comes after more than eight years of negotiations, and the intention is to provide another level of confidence to investors, whereas the CEPA would do more to speed up commerce and assist with issues like intellectual property and labour mobility.

Landing in Abu Dhabi just before midnight, Carney plans on Thursday to meet with UAE Industry and Advanced Technology Minister Sultan Ahmed Al Jaber in the morning, then UAE President Mohamed bin Zayed Al Nahyan.

Both of those bilateral meetings will be happening entirely behind closed doors, as the local government is restricting access to the Canadian delegation’s travelling media, including from the prime minster’s office.

Despite this, the official indicated Carney may be better positioned to make progress on some more sensitive issues — such as Sudan’s civil war — by having frank, private conversations.

Carney will then embark on a mid-afternoon visit to the Sheikh Zayed Grand Mosque.

On Friday, the prime minister will be delivering a keynote speech at the Canada-UAE Investment Summit, being hosted by the Canada-UAE Business Council, before taking off for the G20 Leaders’ Summit in South Africa.

There, it’s expected the prime minister will talk trade with other major partners. The senior government official indicated that there are a number of other countries where Canadian trade talks have not been making the progress they could be, and that Carney is keen to see that change.