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OTTAWA / WAM
The UAE and Canada have restated their willingness to harness promising economic, trade, business and investment opportunities to raise their bilateral co-operation to new heights.
The pledge for greater cooperation came at the conclusion of the first meeting of UAE-Canada Joint Economic Committee meetings, held in the Canadian capital, Ottawa. The two countries explored opportunities for joint co-operation in 11 sectors that serve development plans in both countries, as well as ways to enhance economic relations and upgrade them to the highest levels.
The meeting was co-chaired by Sultan bin Saeed Al Mansouri, UAE Minister of Economy, and Chrystia Freeland, Minister of International Trade of Canada.
Addressing the meeting, Al Mansouri said that economic and trade ties between the UAE and Canada were robust and evolving steadily, with non-oil trade between the two countries standing at US$2.1 billion, as of the end of 2015. He stated that UAE investment in Canada is currently more than $ 18 billion.
“The UAE and Canada have huge potentials and abilities to build mega development partnerships, given the factors, such as an open investment climate, ultramodern infrastructure and flexible business legislation,†Al Mansouri added, stressing the need for devising a time frame and mechanisms to implement projects agreed to in key sectors.