EU and Canada set to unveil comprehensive trade and security partnership: What we know so far

The European Union and Canada are preparing a strategic partnership to strengthen bilateral economic, security and trade partnerships, according to a report from Bloomberg.

The primary motive behind the new alliance reflects a deliberate strategy by middle powers to counter the growing dominance of the US and China.

European Commission President Ursula von der Leyen is expected to announce the new strategic pact during her annual state of the Union address in Strasbourg on September 16.

Reports further showed that Prime Minister Mark Carney will address European lawmakers, during his speech, underlining Ottawa’s commitment to strengthening ties of formal EU membership.

The impending agreement seeks to broaden collaboration on essential supply chains, raw materials, space exploration, and scientific research.

Negotiations are also focused on reinforcing defense capabilities, building on Ottawa’s move last year to become the first non-EU country to participate in the bloc’s €150 billion defense procurement fund.

The alliance strengthens the existing bonds and security partnership with officials assessing the feasibility of Canada’s legal integration with the EU single market.

Furthermore, talks are still underway concerning regulatory clearances and legal mechanisms, with both sides set to establish subsequent measures during a joint summit in Canada this October.