Carney courts Europe

At the first Canada Investment Summit in Toronto, Mark Carney said Canada will pursue a "unique security and economic alliance" with Europe.

“unique security and economic alliance”

A safe harbour pitch

Speaking to investors, executives and ministers, Carney sold Canada as a stable home for foreign capital and a place to build in the new global economic order.

Eighteen months of rupture

The relationship with the US has fractured since early 2025, leaving Canada hunting for ways to avoid economic devastation.

Tariffs as leverage

Carney described a world where economic integration is weaponised and openness now collides with sovereignty, a clear nod to Trump's tariff habit.

“Sovereignty and openness are now in tension. Economic integration is being weaponised.”

Two lessons from the break

Take care of ourselves, take care of each other. In practice that means building strength at home while spreading partnerships abroad.

“We must take care of ourselves, and second, we must take care of each other.”

Strasbourg this week

Carney is guest of honour at the European parliament, attending von der Leyen's state of the union and addressing MEPs. She scrapped plans to leave after backlash.

Close, but not a member

Brussels wants Canada as near as possible without membership, and it will not be called associate membership. Brexit hardened the rule against splitting the single market's four freedoms.

What Europe wants next

MEP Javier Moreno Sánchez wants concrete steps: mobility for professionals, student exchanges, joint work on defence and AI.

“Canadians are the most European people outside Europe.”

Already deep in defence

Canada is the only non-European member of Europe's defence procurement initiative and the first outsider to join the EU's 150bn euro defence loans scheme.

Ceta is still half-signed

Ten member states including France, Italy and Poland have never ratified the EU-Canada trade deal a decade on, so parts of it still are not in force.

The numbers say America

EU-Canada trade hit 130bn euros in 2025, up 80% since Ceta was signed. US trade is worth nearly 880bn dollars.

Cash on the table

Carney announced a corporate tax mega-deduction, opened four major airports to foreign investment, and his office flagged nearly C$500bn in new domestic investment.

Not everyone is buying

Thousands joined the Many vs the Money protest in Toronto, arguing public money should not de-risk private projects while communities carry the costs.

“Mark Carney's here selling Canada to the international community.”