UAE Economy Minister, Canadian Minister of International Trade discuss cooperation relations

ABU DHABI, 25th January, 2016 (WAM) -- Sultan bin Saeed Al Mansouri, Minister of Economy, and Chrystia Freeland, Minister of International Trade of Canada, have discussed ways of boosting economic relations as well as developing them to serve the common interests of both countries. During the meeting which was held on the side-lines of their participation in the Summit on the Global Agenda 2016 in Davos, the two sides discussed investment opportunities available in both countries with the aim of increasing the volume of trade exchange between them as well as reviewing cooperation agreements signed in a number of economic sectors, especially in the field of innovation. Al Mansouri hailed the formation of the new Canadian government, which took over last November, stressing that the UAE is looking forward to achieve effective and fruitful cooperation in various fields for the benefit of the two countries. He pointed out that during 2014, the volume of trade volume between the two countries amounted to US$1,830 billion, meanwhile, during the first half of 2015, trade exchange volume reached $969 million. The UAE's Economy Minister added that the trade volume across the free zones doubled to $970 million, equivalent of Dh3.56 billion, in the same year with a growth rate exceeded 169% comparing to what it was in 2012. The total UAE investments in Canada amounted nearly to Dh20 billion, mostly in the energy sector. He also stated that there are more than 46 Canadian trading companies operating in the UAE and around 63 trade agencies and 788 Canadian trademarks registered with the Ministry of Economy. The Canadian Minister of International Trade confirmed her country's keenness to enhance economic and trade cooperation with the UAE, as the country is a major commercial hub in the Middle East. She highlighted the interest of the Canadian investors to expand their investment base and strengthen their commercial presence in the region through UAE's gate as well as marketing of industrial and technological products in the region. – Emirates News Agency, WAM -http://www.wam.ae/en/news/emirates/1395290677628.html