Canada’s finance minister says the nation may very well be a “provider of alternative” for European markets trying to bolster power safety and defence capabilities.
Following a gathering in Denmark with European Union finance ministers, François-Philippe Champagne stated Saturday that Canadian critical mineral and energy exports could help European economies change into extra resilient whereas diversifying Canada’s commerce relationships.
“We’re redesigning the world financial order at a velocity and at a scale that I might say has not been seen in a era,” he advised reporters on a name from Copenhagen.
“They’ve taken discover that we’re placing our home so as in order that we may be extra aggressive, that we could be a trusted provider of pure sources, that we’re prepared to companion.”
Champagne stated the necessity to strengthen defence and security ties was a significant theme at this week’s assembly, and pointed to essential minerals, power sources and shipbuilding experience as key belongings that Canada brings to the desk.
The European outreach comes forward of what are anticipated to be difficult negotiations to review the Canada-U.S.-Mexico Agreement subsequent 12 months. On Thursday, Canada and Mexico signed a pact to deepen financial and safety ties between the 2 international locations, which Prime Minister Mark Carney stated would “complement” the trilateral commerce deal.
Get day by day Nationwide information
Get the day’s prime information, political, financial, and present affairs headlines, delivered to your inbox as soon as a day.
“Clearly, america is a key buying and selling companion,” Champagne stated Saturday. “However on the similar time, I believe that it will be prudent for Canada to additionally diversify its market.”
Earlier this week, Champagne advised reporters it was “unhappy… that our largest buying and selling companion turned its again on Canada, which has led to us having to reassess how we’re going to construct the economic system of the long run.”
The finance minister stated Saturday that Canada’s mineral deposits had been “entrance and centre” within the discussions he had in Denmark. Vital minerals are “important for the economic system of the twenty first century,” he stated, starting from the aerospace sector to the auto and defence industries.
He additionally pointed to liquefied pure gasoline and nuclear know-how as different potential Canadian exports that would increase European power safety.
“We’ve all the things across the desk to make us extra resilient,” Champagne stated. “Canada may be that provider of alternative for our European colleagues.”
In an interview with The Canadian Press earlier this week, Champagne stated rising NATO commitments and shifting geopolitical forces have European nations planning to spend extra on defence, making a market alternative he needs Canadian corporations to fill.
He compared it to the role played by Canadian industry in supplying munitions and different navy tools to Allied forces throughout the Second World Warfare.
“We had been in a position, again then, to shift the Canadian economic system for fulfillment for 50, 80 years. For me, this is similar calling we’ve at this time,” he stated.
The assembly in Denmark was attended by finance officers from the UK, Norway, Ukraine and EU member states. Champagne stated he held a bilateral assembly with Ukrainian officers, and took part in a roundtable on Arctic safety.
© 2025 The Canadian Press
