Prime Minister Mark Carney is set to finalize an investment agreement with the United Arab Emirates during his upcoming trip, according to a high-ranking government official who spoke with CBC News. The agreement, known as the foreign investment promotion and protection agreement (FIPA), will facilitate investments between Canada and the U.A.E. by establishing guidelines, including a mechanism for resolving disputes. These agreements create a stable environment for investments, which is crucial during uncertain economic times.
Additionally, Canada is expected to begin discussions on a rapid free trade agreement with the U.A.E., focusing on areas such as artificial intelligence, aerospace, and labor mobility. Goldy Hyder, president and CEO of the Business Council of Canada, highlighted the importance of seeking partnerships in a global landscape that values order and structure.
During his visit to Abu Dhabi, Carney will meet with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan to enhance economic collaboration in sectors like energy, agriculture, infrastructure, and AI. This visit precedes the G20 leaders’ summit in South Africa, emphasizing Canada’s efforts to attract foreign investments and diversify trade relationships.
Furthermore, human rights concerns have been raised regarding the U.A.E.’s alleged support for paramilitary forces involved in Sudan’s civil war. Despite these concerns, Canada aims to engage with international counterparts to address human rights violations while providing humanitarian aid to Sudan.
In light of changing global dynamics, Canada faces the challenge of engaging with countries that may not align with all its values. The Business Council’s Hyder stressed the need for pragmatic approaches in building relationships with countries like India, China, and the U.A.E. while exporting Canadian principles subtly.
Ultimately, Canada’s trade engagements require a balance between economic interests and upholding values. As Carney navigates international partnerships, there is an expectation for tangible outcomes that benefit both Canada’s economy and its commitment to human rights.