'We are determined to continue working together in responding to the growing challenges to the international economic and trade order'
Canada and the European Union (EU) have committed to a wide-ranging strategic partnership aimed at reinforcing trade, deepening economic ties, and enhancing labour mobility.
“We are determined to continue working together in responding to the growing challenges to the international economic and trade order,” said Canadian Prime Minister Mark Carney, European Union Council President António Costa, and European Commission President Ursula von der Leyen in a joint statement.
Under the partnership, the parties will strengthen labour mobility by facilitating the movement of highly skilled workers and explore shared interests in exchanging information about immigration partnerships.
They also agreed to create tools for businesses to better support trade diversification, such as facilitating B2B matchmaking, cluster-to-cluster cooperation, and supporting the internationalisation of small and medium-sized enterprises (SMEs).
Previously, the Canadian Federation of Independent Business (CFIB) called on governments to address the labour quality and mobility issues that small businesses are currently experiencing.
The parties also intend to align their frameworks and standards in the regulatory field to “make online platforms safer and more inclusive, to develop trustworthy AI systems and to establish interoperable digital identities and digital credentials to facilitate interactions between our citizens and our businesses.”
They further agreed to “foster closer cooperation on targeted industrial matters driving global competitiveness and strategic autonomy.” These include artificial intelligence, quantum technologies, space, cyberspace, aeronautics, biotechnologies, new energies, minerals and critical metals, advanced manufacturing, and cleantech.
“Ensuring reliable and sustainable supply chains is a mutual priority, and we have a shared interest in diversifying our supply chains and strategic investment,” said Carney, Costa and von der Leyen.
“We intend to maintain a secure transatlantic supply chain on key technologies such as artificial intelligence (AI), supercomputers and semiconductors.”
Amid the ongoing tariffs issue, one expert from KPMG called on Canadian employers to make changes to their approach to the supply chain.
Recently, the Office of the Prime Minister announced that Canada and the United States are working on a deal that would put an end to the ongoing trade war between the two nations.
The Canada-EU pact also reinforces commitments to climate action and sustainable development, with a strong focus on carbon pricing, biodiversity protection, and green job creation.
“This marks the beginning of a long-term effort that will help us promote shared prosperity, democratic values, peace and security,” they said.
This is a welcome development, according to Merran Smith, president of New Economy Canada.
“With annual investments of more than a half-trillion dollars in clean energy, clean tech and electrification, the EU is committed to reducing reliance on imported energy, both to decarbonise their economy and to improve their energy security. And as global conflicts reveal more energy vulnerabilities, the transition toward reliable, clean energy will become an even bigger priority for partners like the EU,” she said.
“Canada’s abundant critical minerals and clean electricity means we’re already creating some of the clean tech and low-carbon products the EU wants. This agreement will make it easier to expand that trade, creating more lasting opportunities for Canadian companies and workers well into the future.”
More than half (59%) of Canadian professionals think sustainability should be a top workplace priority, according to a previous Robert Walters report.
