What is behind Canada’s growing alliance with Europe?

During the November 12 summit, leaders discussed economic resilience and competitiveness, mutual security and support for Ukraine. On the sidelines, Carney met with the leaders of Cyprus, Denmark, France, Greece, Ireland, Latvia and Sweden to discuss opportunities to expand trade, open new markets and strengthen supply chains.

Carney also took part in a meeting co-hosted by UK Prime Minister Andy Burnham and Ukrainian President Volodymyr Zelenskyy to discuss efforts to secure a just and lasting peace in Ukraine and the implications of emerging proposals for Europe’s security framework. He reaffirmed Canada’s support for Ukraine and stressed the need to reinforce collective defence and transatlantic security.

The visit followed the Canada-EU Summit held in Montréal in October, where Carney, European Commission President Ursula von der Leyen and European Council President António Costa launched the Alliance for the Future. The initiative includes more than 20 measures covering digital trade, advanced technologies, energy, critical minerals, defence and investment.

Canada and the EU are also working toward a closer partnership, with Canada aiming to become the bloc’s first associate member.

The EU is Canada’s second-largest trading partner for goods and services. Bilateral trade rose 10% between 2024 and 2025 to approximately $178 billion. The EU is also Canada’s second-largest source of foreign direct investment. EU investment stock in Canada was estimated at $219 billion in 2025, while Canadian direct investment in the EU totalled $315 billion.

Carney said the partnership was based on shared history, common values and mutual respect, adding that it would provide citizens with more opportunities and help create a more affordable future.

His European visit is part of Canada’s broader efforts to diversify international partnerships and strengthen its economy. Carney is next scheduled to travel to the Philippines, Cambodia and China to advance trade agreements and cooperation.

Earlier, Qazinform News Agency reported that Canadian Prime Minister Mark Carney and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan signed the Canada-UAE Comprehensive Economic Partnership Agreement in Ottawa.