Based on coverage from CBC and CTV.
Canada Secures $1 Billion Critical Minerals Deal
Prime Minister Mark Carney recently wrapped up a visit to Abu Dhabi with a significant announcement: Ottawa is finalizing a $1-billion project to expand Canada's critical minerals processing capacity. This initiative is expected to create jobs and boost the long-term supply of minerals essential for energy technologies and advanced manufacturing. Carney emphasized the importance of this project for both economic growth and human development, noting Canada's leadership in AI, quantum, and life sciences. "We realize it's time to begin to commercialize these strengths, for the benefit of humanity," he stated.
The visit also marked the signing of a Foreign Investment Protection Agreement (FIPA) with the United Arab Emirates (U.A.E.), a deal that has been in the works for over eight years. This agreement aims to provide investors with an added layer of confidence and is seen as a stepping stone towards a Comprehensive Economic Partnership Agreement (CEPA) that would further enhance trade relations.
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U.A.E. Commits $70 Billion to Canadian Investments
In a move that underscores the strengthening ties between Canada and the U.A.E., Carney announced that the U.A.E. has agreed to invest a whopping $70 billion in Canada. While the U.A.E. foreign ministry has yet to publish a notice of the deal, media reports suggest that the investment will target strategic industries such as energy, AI logistics, and mining. Carney's office described this funding as a vote of confidence in the Canadian economy, which has been grappling with challenges like the U.S. trade war and productivity issues.
Carney expressed his optimism about the future of trade between the two nations, stating he is "very confident" that Canada and the U.A.E. can more than double their trade in less than a decade. He invited Emirati investors to visit Canada, promising to personally host them to explore investment opportunities in transformative projects.
Addressing Sudan's Civil War and Global Trade
While trade and investment were the primary focus of Carney's visit, the ongoing civil war in Sudan was also on the agenda. Carney discussed the situation with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan, amid concerns that the U.A.E. might be fueling ethnic violence in the region. Although Carney did not take a definitive stance on the accusations, he mentioned that their discussions included the Quad process, an initiative involving the U.S., U.A.E., Saudi Arabia, and Egypt aimed at establishing a ceasefire and peace.
Following his visit to Abu Dhabi, Carney headed to the G20 summit in South Africa, where he plans to engage in trade talks with other major partners. Canada has outlined five priorities for the summit, including improving critical mineral supply chains, using AI for sustainable development, and advancing gender equality through economic growth. With the U.S. absent from the summit, Carney sees an opportunity for Canada to advance its trade discussions and strengthen its economic autonomy by building partnerships beyond North America.
