H.E. Bin Touq, Canadian counterpart explore means to strengthen cooperation in new and circular economy, tourism and aviation

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with H.E. Matt Jones, Canadian Minister of Jobs, Economy, and Trade, to explore the strengthening of cooperation in key areas such as the new economy, entrepreneurship, tourism, aviation, investment, the circular economy, infrastructure, healthcare, transportation, logistics, food security, and clean energy. The discussions focused on fostering growth and sustainability in both nations’ economies for the future.

H.E. Bin Touq hailed the strong and ever-growing ties between the UAE and Canada, especially in economic and trade sectors. “We are committed to enhancing economic cooperation to scale new heights of growth and prosperity by capitalizing on the promising opportunities and potential within both markets,” he noted.

In this context, H.E. stated: “Canada is a strategic and valuable economic partner for the UAE in North America, and the UAE serves as a vital logistics hub for Canadian exports to the Middle East and North Africa region. This meeting is a testament to our shared commitment to deepening existing trade and economic partnership, exploring opportunities for cooperation in areas of mutual interest, and exchanging expertise and best practices in policies that support the growth and sustainability of both economies, while fostering stronger connections between the two business communities.”

The meeting discussed ways to enhance joint efforts in facilitating import and export procedures and providing more incentives to businesses and the private sector in both the UAE and Canadian markets. Furthermore, it explored a range of economic diversification initiatives and their role in driving the transition towards innovative and sustainable economic models. The two ministers underlined the importance of strengthening cooperation in the tourism and aviation sectors, given the growing number of flights between the two countries, operated by the UAE’s national carriers.

During the meeting, H.E. Bin Touq highlighted the enablers and opportunities within the UAE’s business landscape, which has evolved significantly in recent years. He pointed out the pivotal role of the new laws and regulations, such as the family business law, cooperative law, commercial agencies law, trading by modern technology means and arbitration regulations, the introduction of 100 per cent foreign ownership across sectors, as well as intellectual property rights protection.

H.E. Bin Touq, at the end of the meeting, extended an invitation to the Canadian minister to attend the fourth edition of Investopia, set to take place in February 2025. The event will serve as an ideal platform to explore the UAE’s abundant investment prospects for international investors and expand partnerships across multiple economic sectors.