Memorandum of Understanding between the Ministry of Economy of United Arab Emirates and the Department of Foreign Affairs and International Trade of Canada on Economic Cooperation, Trade and Investment
The Ministry of Economy of the United Arab Emirates AND The Department of Foreign Affairs and International Trade of Canada, hereinafter referred to as “the Participants”;
Inspired by the strong desire to strengthen the ties of friendship and cooperation existing between them;
Determined to contribute, through economic cooperation, trade and investment, to achieving greater well-being for their peoples;
Convinced of the importance of reinforcing the flow of goods, services and mutual investments;
Recognizing the value of promoting a favourable environment for economic cooperation, scientific and industrial cooperation, transfer of technology, trade and investment;
Recognizing that direct foreign investment provides benefits to each of the Participants;
Have come to the following understanding:
This Memorandum of Understanding (MOU) has the following objectives:
- To enhance economic relations in the fields of trade, industry, services and investment;
- To strengthen cooperation with a view to liberalizing trade and investment between the Participants in accordance with their respective laws and international obligations;
- To facilitate the increased involvement of the private sector in trade and commercial cooperation;
- To promote a favourable environment and complementary activities to encourage private sector investment between the Participants;
2. Trade and Investment Cooperation
In order to support actions to encourage trade, the Participants will:
- Encourage the private sectors in both countries to explore and expand commercial ties and investments;
- Encourage and support symposia, trade missions and exchange visits and business delegations;
- Exchange information on regional and global trade in goods and services;
- Identify possible areas of trade and investment that will help generate trade flows between the Participants and to other markets.
3. Implementation Mechanism
- The Participants will establish a Joint-Economic Committee which will meet once every two years to discuss issues related to economic cooperation, trade and investment between the two countries.
- The Committee will be composed of officials of concerned governmental departments and representatives of the private sectors.
- The Committee will also carry out the following activities related to the promotion of trade and investment:
- exchange of information on international trade and on business opportunities in both countries;
- encouragement of small and medium-sized enterprises to participate in bilateral trade and economic cooperation;
- promotion of business missions, strategic venturing initiatives, symposia, conferences and technical and scientific cooperation;
- cooperation between official institutions responsible for economic cooperation, trade and investment;
- designation of appropriate officials to follow-up on actions decided upon at Committee meetings.
4. Status and Duration
- This MOU is not legally binding and does not establish any rights and obligations under international law.
- This MOU will come into effect upon its signature by the Participants and will remain in effect indefinitely unless terminated by a Participant with a written notice to the other Participant.
- The Participants may amend this MOU at any time, in writing, upon their mutual consent.
in Dubai in duplicate on 18th March, 2009, in the English, French and Arabic languages, all versions being equally valid.
- For the department of foreign affairs and international trade Canada
- For the ministry of economy of the united Arab Emirates