Mark Carney, the Prime Minister of Canada, is looking to establish a closer collaboration with the European Union during his trip to Europe. Before departing for Europe, he announced that his goal is to create a "unique alliance" with this entity. According to reports, Canada intends to act as an "associated member" of the European Union while not seeking full membership.
Collaboration Opportunities
Ursula von der Leyen, the President of the European Commission, stated in her speech regarding the state of the European Union that she is open to expanding this collaboration. She said, "Power does not belong to the strongest, richest, or loudest, but to all of us," referring to the European representatives and Carney in Strasbourg, France. She added that collaboration between the European Union and Canada could encompass various areas including advanced manufacturing, technology, defense production, the Arctic, energy, and economic security.
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Challenges and Opportunities
Carney is set to outline his vision for future relations between the European Union and Canada in his speech at the European Parliament on Thursday. EU member countries are economically integrated with one another, and this entity has various options for establishing relations with non-EU countries. These options range from free trade agreements to cooperation agreements that may include political elements.
Analysts believe that Carney is more focused on establishing a type of collaboration that deepens cooperation in economic security and defense. Canada spends 70 percent of its defense budget on equipment made in the United States, and Carney is looking to change this situation. Additionally, Canada is considered an underrated defense power, and increased investment in this area is anticipated for the country in the future.
Trade relations between the two sides are regulated through the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union, which has been provisionally in effect since September 2017. This agreement eliminates nearly all tariffs between the two parties and also guarantees mutual access to markets for industrial, agricultural, and service products.
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