Canada is ramping up efforts to deepen trade ties with Europe as it prepares for high-stakes CUSMA negotiations and renewed uncertainty over U.S. tariffs.
High-Level Diplomacy in Denmark
Finance Minister François-Philippe Champagne capped off a week of diplomacy with meetings in Denmark, where he promoted Canadian exports of critical minerals, energy, and defence capabilities to European Union finance ministers.
Towards a “CETA Plus” Model
Mark Camilleri, president of the Canada-EU Trade and Investment Association, described the evolving relationship as moving into a “CETA Plus” model, building on the Comprehensive Economic and Trade Agreement (CETA) that has been in place since 2017.
Trade between Canada and the EU has grown significantly under CETA, with 73% growth in services and 65% in goods.
Beyond Market Access
Camilleri emphasized that today’s geopolitical climate requires deeper engagement beyond tariffs. Canada and the EU are now focusing on energy security, critical minerals, defence, and digital technologies like AI as top priorities for collaboration.
Strengthening Resilience
While the U.S. remains Canada’s largest trading partner, Camilleri said expanding ties with Europe is vital for economic resilience.
“The world has changed,” he said. “This is about more than trade. It’s about long-term strategic alignment.”
