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.