BRUSSELS, Feb 8 (Reuters) - Canada aims to strengthen its economic relationship with the EU and advocate for global trade regulations amid looming U.S. tariff threats, said Trade Minister Mary Ng in an interview with Reuters on Saturday.
Since 2017, the EU and Canada have enjoyed the benefits of a free trade agreement, resulting in a 65% increase in bilateral trade. Additionally, they established a raw materials partnership in 2021.
Ng held a lunch meeting with EU trade chief Maros Sefcovic on Saturday following discussions with Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, in Geneva on Friday.
Addressing the need for Canadian businesses to access the EU market, Ng emphasized the importance of further support. She highlighted critical minerals and small businesses as key areas of focus for collaboration with the EU, which is seeking partnerships to secure essential metals like cobalt, lithium, and nickel for the energy transition, aiming to reduce reliance on China.
Canada has set a goal to boost non-U.S. exports by 50% by 2025, with indicators showing progress in meeting or surpassing this target. Recent trade agreements with Indonesia and active involvement in the Indo-Pacific region demonstrate Canada's commitment to expanding its trade horizons.
Ng mentioned Canada's engagement with Southeast Asian nations, including initiatives in the Philippines, Indonesia, Vietnam, Malaysia, Japan, and Korea to showcase Canadian business interests.
In response to U.S. tariff announcements, Ottawa hinted at potential retaliatory measures while maintaining a stance on upholding trade regulations. Ng affirmed Canada's adherence to a rules-based trading system and its readiness to challenge any imposed tariffs at the WTO.