ABC - Current Industry News
Minister Day Signs Agreement to Promote Trade Opportunities with Kuwait
2009-11-09 - Foreign Affairs and International Trade Canada
The Honourable Stockwell Day, Minister of International Trade and Minister for the Asia-Pacific Gateway, today signed an agreement on economic cooperation with Ahmad Rashed Al-Haroun, the Minister of Commerce and Industry for Kuwait, in Ottawa.
“Kuwait offers many opportunities for Canadian companies in the oil and gas sector, engineering and architectural services, agri-food and education,” said Minister Day. “In signing this new agreement with Kuwait, the Government of Canada is opening doors for Canadian business by establishing a framework by which both sides can work to increase trade and investment.”
The agreement’s objectives are:
- To enhance economic relations in the fields of trade and investment;
- To strengthen cooperation with a view to liberalizing trade and investment in accordance with national laws and international obligations;
- To facilitate the increased involvement of the private sector in trade and investment cooperation; and
- To promote a favourable environment and complementary activities to encourage private-sector investment.
…Kuwait has one of the world’s largest sovereign wealth funds, with assets estimated at $200 billion. Canada’s two-way merchandise trade with Kuwait in 2008 was valued at $195 million, almost a 70-percent increase over the previous year.
Kuwait is a member of the Gulf Cooperation Council (GCC), a group of six nations that is a priority market for Canada. The GCC comprises the most prosperous countries in the Middle East, and it has a rapidly growing economy worth $1.1 trillion. Building on their immense success in the oil industry, the GCC countries are diversifying their economies and transforming the region into a world hub for business, finance and tourism.
Two-way merchandise trade between Canada and GCC nations reached $5.6 billion in 2008, a 37-percent increase from 2007.