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Canada aims to deepen its economic ties with the EU and uphold global trade rules as U.S. President Donald Trump threatens to impose tariffs.
Canadian Trade Minister Mary Ng stated this in an interview with Reuters.
Since 2017, the EU and Canada have had a free trade agreement, which has increased bilateral trade by 65%. In 2021, the two sides also established a raw materials partnership.
On Saturday, Minister Ng met with European Commission Vice President Maroš Šefčovič, and earlier, she held talks with World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala in Geneva.
“Trade agreements are one thing, and we see really good numbers, but what else can we do to help Canadian businesses enter any of the 27 member states… and what more can we do to facilitate the same in Canada?” she said.
According to her, the EU’s main focus will be on critical minerals and small businesses. The EU is particularly interested in securing partnerships to source metals essential for the energy transition—such as cobalt, lithium, and nickel—to reduce dependence on China.
Canada also seeks to diversify its exports and, in 2018, set a goal to increase exports beyond the U.S. by 50% by 2025.
Mary Ng stated that the country is on track to meet or even exceed this goal.
She also added that Canada could challenge U.S. actions at the WTO if Trump imposes tariffs.
“We will consider all options available to Canada because Canada is a country that believes in a rules-based trading system,” the minister concluded.
Background
Donald Trump previously announced a 25% tariff on imports from Mexico and Canada, prompting both countries to respond with retaliatory tariffs.
Trump also threatened to impose additional duties on EU goods.
However, after a conversation with Canadian Prime Minister Justin Trudeau, Trump postponed the tariffs for 30 days.
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