Carney says Canada will pursue ‘unique security and economic alliance’ with EU amid US trade spat
Prime minister speaks of strengthening Canada’s economic and political ties to Europe at Canada Investment Summit
TL;DR
- Canada is pursuing a "unique security and economic alliance" with Europe.
- The move aims to reduce Canada's reliance on trade with the United States, whose relationship has fractured.
- Prime Minister Mark Carney described Canada as a "safe harbour" for foreign capital.
- Canada is strengthening economic and political ties with the EU, exploring possibilities like visa-free travel and work.
- The EU is seeking to deepen ties with Canada, particularly on raw materials and energy, without granting full membership.
- Challenges remain, including the non-ratification of the EU-Canada Comprehensive Economic and Trade Agreement (Ceta) by several EU member states.
- Despite efforts to diversify, the US will remain Canada's largest trading partner.
- Canada is offering incentives like a corporate tax "mega-deduction" and opening major airports to foreign investment.
- A counter-protest highlighted concerns that public money is being used to reduce risks for private investment, leaving communities to bear social and environmental costs.