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Canada and Saudi Arabia expand mining and energy cooperation
The deal package totals more than C$1 billion and includes talks on a foreign investment protection agreement by end-2027, plus a double-taxation treaty.
Canadian Prime Minister Mark Carney said Saudi Arabia could help spur growth in Canada’s mining and energy sectors after the two countries signed more than C$1 billion, or about $710 million, in commercial agreements aimed at expanding trade and investment, according to Mining.com.
Carney, visiting Saudi Arabia for the first time in 26 years, met Crown Prince Mohammed bin Salman in Jeddah and agreed to deepen cooperation spanning mining, critical minerals, energy, and additional areas including artificial intelligence, defense, health care, and education.
The package includes 13 commercial agreements and memorandums of understanding, along with commitments to negotiate a foreign investment protection agreement by the end of 2027 and to launch talks on a double-taxation treaty. Carney also met Saudi Aramco CEO Amin Nasser to discuss closer energy cooperation.
The agreements follow a thaw in relations after Canada and Saudi Arabia restored full diplomatic ties in 2023 after a five-year human rights dispute. For Ottawa, the partnership also fits a broader push to reduce dependence on the US market as tariffs on key Canadian exports threaten trade.