Canada’s finance minister says the country could be a “supplier of choice” for European markets looking to bolster energy security and defence capabilities.
Following a meeting in Denmark with European Union finance ministers, François-Philippe Champagne said Saturday that Canadian critical mineral and energy exports could help European economies become more resilient while diversifying Canada’s trade relationships.
“We are redesigning the world economic order at a speed and at a scale that I would say has not been seen in a generation,” he told reporters on a call from Copenhagen.
“They have taken notice that we’re putting our house in order so that we can be more competitive, that we can be a trusted supplier of natural resources, that we are willing to partner.”
Champagne said the need to strengthen defence and security ties was a major theme at this week’s meeting, and pointed to critical minerals, energy resources and shipbuilding expertise as key assets that Canada brings to the table.
The European outreach comes ahead of what are expected to be challenging negotiations to review the Canada-U.S.-Mexico Agreement next year. On Thursday, Canada and Mexico signed a pact to deepen economic and security ties between the two countries, which Prime Minister Mark Carney said would “complement” the trilateral trade deal.
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“Obviously, the United States is a key trading partner,” Champagne said Saturday. “But at the same time, I think that it would be prudent for Canada to also diversify its market.”
Earlier this week, Champagne told reporters it was “sad… that our largest trading partner turned its back on Canada, which has led to us having to reassess how we’re going to build the economy of the future.”
The finance minister said Saturday that Canada’s mineral deposits were “front and centre” in the discussions he had in Denmark. Critical minerals are “essential for the economy of the 21st century,” he said, ranging from the aerospace sector to the auto and defence industries.
He also pointed to liquefied natural gas and nuclear technology as other potential Canadian exports that could boost European energy security.
“We have everything around the table to make us more resilient,” Champagne said. “Canada can be that supplier of choice for our European colleagues.”
In an interview with The Canadian Press earlier this week, Champagne said rising NATO commitments and shifting geopolitical forces have European nations planning to spend more on defence, creating a market opportunity he wants Canadian firms to fill.
He compared it to the role played by Canadian industry in supplying munitions and other military equipment to Allied forces during the Second World War.
“We were able, back then, to shift the Canadian economy for success for 50, 80 years. For me, this is the same calling we have today,” he said.
The meeting in Denmark was attended by finance officials from the United Kingdom, Norway, Ukraine and EU member states. Champagne said he held a bilateral meeting with Ukrainian officials, and participated in a roundtable on Arctic security.
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