Canadian Prime Minister Mark Carney and United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan celebrated the "successful conclusion" of negotiations for a Canada-UAE Comprehensive Economic Partnership Agreement during a phone call Wednesday.
The agreement is the "fastest such agreement ever negotiated in the two countries' histories," according to a statement from the Prime Minister's Office.
It said the deal reflects the "focus, resolution, and commitment" both countries bring to their bilateral relationship.
The UAE is Canada's largest export market in the Middle East, while two-way trade between the countries is growing 10% annually, according to the statement.
The agreement will "lower tariffs, create new opportunities for Canadian workers, and provide Canadian businesses with greater access to the UAE's $700 billion economy."
Carney and Sheikh Mohamed agreed to further deepen commercial ties in energy, critical minerals, infrastructure, technology, development assistance and artificial intelligence.
The leaders also discussed ongoing tensions in the Middle East and "underlined shared efforts to build greater stability, security, and lasting peace in the region."
The two leaders agreed to remain in close contact, the statement added.
