Canada's finance minister has expressed optimism about the country's potential to become a key supplier for European markets seeking to enhance energy security and defense capabilities. François-Philippe Champagne made these remarks during a press briefing from Copenhagen, where he met with European Union finance ministers.

Champagne emphasized that Canadian exports of critical minerals and energy could significantly contribute to the resilience of European economies. He stated, "We are redesigning the world economic order at a speed and at a scale that I would say has not been seen in a generation." He noted that Canada is positioning itself as a trusted supplier of natural resources, ready to engage in partnerships.

The discussions in Denmark highlighted the importance of strengthening defense and security ties, with critical minerals, energy resources, and shipbuilding expertise identified as vital assets Canada can offer. This outreach to Europe comes as Canada prepares for challenging negotiations regarding the Canada-U.S.-Mexico Agreement next year.

Earlier this week, Canada and Mexico signed an agreement aimed at deepening their economic and security ties, which Prime Minister Mark Carney described as complementary to the trilateral trade deal. Champagne acknowledged the significance of the United States as a trading partner but stressed the need for Canada to diversify its markets. He remarked, "It would be prudent for Canada to also diversify its market."

In his comments, Champagne expressed disappointment over the current state of relations with the U.S., stating, "It’s sad… that our largest trading partner turned its back on Canada, which has led to us having to reassess how we’re going to build the economy of the future."

He highlighted that Canada’s mineral deposits were a focal point of discussions in Denmark, asserting that critical minerals are essential for the economy of the 21st century, impacting sectors such as aerospace, automotive, and defense. Additionally, he pointed to liquefied natural gas and nuclear technology as potential exports that could enhance European energy security.

Champagne also noted that rising NATO commitments and changing geopolitical dynamics are prompting European nations to increase defense spending, creating opportunities for Canadian firms. He drew a parallel to Canada's historical role during World War II, stating, "We were able, back then, to shift the Canadian economy for success for 50, 80 years. For me, this is the same calling we have today."

The meeting in Denmark included finance officials from the United Kingdom, Norway, Ukraine, and various EU member states. Champagne participated in a bilateral meeting with Ukrainian officials and took part in a roundtable discussion focused on Arctic security.