Canada Launches Investment Agreement Talks With UAE
by Mike Godfrey, Lowtax.net, Washington
10 July, 2014
Canada and the United Arab Emirates (UAE) have announced the launch of negotiations toward a foreign investment promotion and protection agreement, which should provide greater certainty to Canadian firms seeking to branch out into the Gulf region.
The treaty will provide greater protection against discriminatory and arbitrary practices. It will enhance the predictability of the rules governing each market, and is intended to give businesses greater confidence when investing.
Canada's International Trade Minister Ed Fast said of the talks: "The United Arab Emirates offers tremendous opportunities for Canadian businesses, particularly small and medium-sized enterprises. This FIPA will boost and strengthen the trade and investment ties between our two countries, while marking a new chapter in our partnership."
Canada has identified the UAE as a priority market under its Global Markets Action Plan. It sees opportunities in the oil and gas, life sciences, infrastructure, and information and communications technologies sectors.
The value of Canada's exports to the UAE reached an all-time high of CAD1.6bn (USD1.5bn) in 2013. This was up almost 10.9 percent on 2012.
Canada currently has 27 FIPAs in force around the world. Since 2007, it has concluded, signed or brought into force 23 new or updated FIPAs.
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