Canada, EU plan to link next-gen payment systems, easing transactions
3 hours ago
- Canada and the European Union plan to connect next-generation payment systems to enable faster, lower-cost cross-border transactions and support business and investment.
- The partnership, called the “Alliance for the Future,” aims to reduce reliance on U.S.-dominated payment systems, which are seen as a risk due to U.S. unpredictability under President Trump.
- Prime Minister Mark Carney stresses the need for strategic autonomy in payments, critical minerals, AI, and other sectors, and will host EU officials in Montreal to define a new relationship.
- The draft joint statement also covers cooperation on purchasing 50 water bombers, adding subsea cables, completing a Digital Trade Agreement, and collaborating on critical minerals, LNG exports, and the Galileo space program.
- Additional commitments include negotiations for Canada to join the Erasmus+ education program and agreements between competition watchdogs to address anti-competitive conduct.