Canada’s finance minister says the nation could possibly be a “provider of alternative” for European markets seeking to bolster vitality safety and defence capabilities.
Following a gathering in Denmark with European Union finance ministers, François-Philippe Champagne mentioned Saturday that Canadian vital mineral and vitality exports may assist European economies change into extra resilient whereas diversifying Canada’s commerce relationships.
“We’re redesigning the world financial order at a pace and at a scale that I’d say has not been seen in a era,” he informed 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 is usually a trusted provider of pure assets, that we’re prepared to associate.”
Champagne mentioned the necessity to strengthen defence and safety ties was a significant theme at this week’s assembly, and pointed to vital minerals, vitality assets 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 evaluation the Canada-U.S.-Mexico Settlement subsequent yr. On Thursday, Canada and Mexico signed a pact to deepen financial and safety ties between the 2 international locations, which Prime Minister Mark Carney mentioned would “complement” the trilateral commerce deal.
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“Clearly, america is a key buying and selling associate,” Champagne mentioned Saturday. “However on the similar time, I believe that it might be prudent for Canada to additionally diversify its market.”
Earlier this week, Champagne informed reporters it was “unhappy… that our largest buying and selling associate 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 mentioned Saturday that Canada’s mineral deposits had been “entrance and centre” within the discussions he had in Denmark. Crucial minerals are “important for the economic system of the twenty first century,” he mentioned, starting from the aerospace sector to the auto and defence industries.
He additionally pointed to liquefied pure gasoline and nuclear expertise as different potential Canadian exports that might enhance European vitality safety.
“We now have every part across the desk to make us extra resilient,” Champagne mentioned. “Canada may be that provider of alternative for our European colleagues.”
In an interview with The Canadian Press earlier this week, Champagne mentioned rising NATO commitments and shifting geopolitical forces have European nations planning to spend extra on defence, making a market alternative he desires Canadian companies to fill.
He in contrast it to the function performed by Canadian trade in supplying munitions and different army tools to Allied forces through the Second World Battle.
“We had been ready, again then, to shift the Canadian economic system for achievement for 50, 80 years. For me, this is identical calling we’ve got in the present day,” he mentioned.
The assembly in Denmark was attended by finance officers from the UK, Norway, Ukraine and EU member states. Champagne mentioned he held a bilateral assembly with Ukrainian officers, and took part in a roundtable on Arctic safety.
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