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UAE, Malaysia Launch Negotiations to Establish a CEPA

UAE Minister of State for Foreign Trade Thani al-Zeyoudi and Malaysian Minister of Investment, Trade, and Industry Tengku Zafrul Aziz during the signing ceremony (WAM)
UAE Minister of State for Foreign Trade Thani al-Zeyoudi and Malaysian Minister of Investment, Trade, and Industry Tengku Zafrul Aziz during the signing ceremony (WAM)
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UAE, Malaysia Launch Negotiations to Establish a CEPA

UAE Minister of State for Foreign Trade Thani al-Zeyoudi and Malaysian Minister of Investment, Trade, and Industry Tengku Zafrul Aziz during the signing ceremony (WAM)
UAE Minister of State for Foreign Trade Thani al-Zeyoudi and Malaysian Minister of Investment, Trade, and Industry Tengku Zafrul Aziz during the signing ceremony (WAM)

UAE Minister of State for Foreign Trade Thani al-Zeyoudi and Malaysian Minister of Investment, Trade, and Industry Tengku Zafrul Aziz have signed a joint statement agreeing to launch negotiations to establish a Comprehensive Economic Partnership Agreement (CEPA).

Zeyoudi underlined on Tuesday the developing relations between the UAE and Malaysia, stating that the negotiations have built upon solid growth in bilateral trade and investment over recent years, which witnessed a positive development in various areas of cooperation.

Non-oil trade between the UAE and Malaysia continued its upward trajectory over the past five years, reaching $4.6 billion in 2022, a growth of five percent compared to 2021 and up 31 percent and 18 percent compared to 2020 and 2019, respectively.

The UAE is Malaysia's 17th trade partner globally and the second in the Middle East, accounting for 32 percent of Malaysia's trade with Arab countries.

"The UAE is also the first destination for Malaysian merchandise exports to Arab countries, accounting for 40 percent of its exports to the region. The other way, Malaysia ranks eighth globally for UAE exports and 19th in re-exports," said the Minister.

Zeyoudi highlighted that the value of Malaysian investments in the UAE amount to $150 million across sectors of industry, building and construction, real estate, trade, transport, storage, financial activities, insurance, and professional and technical activities.

UAE investments in Malaysia amount to more than $220 million, including more than $51 million in the industrial sector.

He stressed that the CEPA with Malaysia comes as part of the UAE's plans to expand its network of trade partners with strategically essential markets, noting that Malaysia is the fourth largest economy in the Southeast Asian region.

The CEPA agreement will contribute to the consolidation of trade and investment relations between the two countries, launching a new era of partnership that will accelerate opportunities for the business communities in the two countries, especially in priority sectors, said the Emirati Minister.

The Malaysian Minister indicated that with the start of negotiations for the Malaysia-UAE CEPA, Kuala Lumpur is committed to enhancing the longstanding economic partnership with the UAE.

He explained that the agreement would set the stage for a comprehensive and mutually beneficial economic framework to forge stronger strategic collaborations, foster innovation, spur economic growth, and create job opportunities for both nations.

The negotiations with Malaysia are the latest under the UAE's ambitious foreign trade agenda, which has seen the conclusion of four CEPAs with India, Israel, Indonesia, and Turkey.

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Business

Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."