Step for Cooperation in Economy and Security from the European Union and Canada
Following trade tensions with the US, the Ottawa administration is deepening its partnership with the European Union on economy, defense, and Arctic security.
The European Union and Canada are preparing to deepen cooperation in critical areas such as economy, trade, defense, and Arctic security following trade tensions with the US.
Cooperation and Summit Calendar
As Canadian Prime Minister Mark Carney prepares to address the European Parliament General Assembly in Strasbourg, the EU-Canada Summit will be held in Montreal in October.
Ahead of this summit, the parties are evaluating options to strengthen relations, and EU Commission President Ursula von der Leyen is expected to announce concrete proposals.
Single Market and Integration Goals
Among the most ambitious options raised are strengthening Canada's ties with the EU Single Market and bringing relations closer to the Swiss and Norwegian models.
Such an arrangement would provide Canadians with the opportunity to live in the EU while facilitating companies' access to the broad market.
Critical Raw Materials and Trade
Canada stands out as an important supplier for the EU thanks to its rich reserves of copper, nickel, lithium, and cobalt, along with its mining facilities.
The parties also aim to complete the ratification process of the CETA agreement signed in 2016 and finalize a Digital Trade Agreement by the end of the year.
Defense and Foreign Policy Diversification
Defense, security, and the Arctic region stand out among the key areas where the parties plan to strengthen their relations.
To diversify its foreign trade against uncertainties in relations with the US, Canada is strengthening ties with other partners, including Europe.