Ottawa: Canada is looking to strengthen its economic partnership with the European Union and uphold global trade rules in response to the prospect of U.S. tariffs, Trade Minister Mary Ng told Reuters on Saturday.
Deepening EU-Canada Trade Relations
Since 2017, the EU and Canada have benefited from the Comprehensive Economic and Trade Agreement (CETA), which has boosted bilateral trade by 65%. In 2021, both sides also established a raw materials partnership to enhance cooperation in critical sectors.
Ng met with EU trade chief Maros Sefcovic for a working lunch on Saturday following her discussions with World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala in Geneva the previous day.
“Trade agreements are one thing, and we have seen really great numbers, but what more can we be doing to help Canadian businesses enter into any of the 27 member states…and what more can we do to the same in Canada,” Ng stated.
She emphasized that critical minerals and small businesses would be key focus areas in Canada’s collaboration with the EU. The EU, in particular, is seeking partnerships to secure essential metals—such as cobalt, lithium, and nickel—to reduce reliance on China amid the global energy transition.
Canada wants to deepen its economic ties with the EU and uphold global trading rules in the face of threatened US tariffs https://t.co/PMjTKySlVN pic.twitter.com/gUMP19BiZL
— Reuters (@Reuters) February 9, 2025
Canada’s Diversification Push
Canada has been actively working to expand its export markets beyond the U.S., setting a goal in 2018 to increase non-U.S. exports by 50% by 2025. Ng said the country remains on track to meet or exceed this target.
Recent trade agreements with Indonesia in December and Ecuador last week reflect Ottawa’s commitment to expanding its global trade footprint. The minister is set to lead a delegation of more than 200 businesses to Australia, Singapore, and Brunei next week.
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“We are at the table with the countries in Southeast Asia, so the Association of Southeast Asian Nations. I took a very large delegation of Canadian businesses to the Philippines in December, to Indonesia, to markets like Vietnam, Malaysia, Japan, Korea,” Ng added.
Canada’s Response to U.S. Tariff Threats
Tensions with Washington have escalated following President Donald Trump’s announcement of tariffs on Canada and Mexico last week, though he later delayed their implementation by 30 days. In response, Ottawa has threatened retaliatory duties and legal action.
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Ng signaled that Canada is prepared to challenge any tariffs imposed by the U.S. through the WTO.
“We would consider all of the options available to Canada because Canada is a country that believes in a rules-based trading system,” she said.
