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Global News
27-05-2025
- Business
- Global News
Canada commits to joining European defence plan in throne speech
Canada will join the European Union's new defence plan that aims to rapidly increase military arms production in a bid to move away from U.S. reliance, Tuesday's throne speech confirmed. The move to join ReArm Europe was announced by King Charles III as he read the speech from the throne in Parliament, during a section on the government's plans for national defence and security. 'The Government will protect Canada's sovereignty by rebuilding, rearming, and reinvesting in the Canadian Armed Forces,' the King said. 'It will boost Canada's defence industry by joining ReArm Europe, to invest in transatlantic security with Canada's European partners. And it will invest to strengthen its presence in the North, which is an integral part of Canada, as this region faces new threats.' The ReArm Europe plan, announced by the EU in March, would earmark up to the equivalent of C$1.25 trillion for defence over five years. It includes a loan program worth about $235 billion to be called Security Action For Europe (SAFE), which would allow countries to work with others outside the European Union to jointly buy or build arms. Story continues below advertisement EU members approved the loan program earlier Tuesday. In a white paper released in March outlining the EU's approach to defence industries, the European Union said that its 'co-operation with Canada has intensified and should be further enhanced … including on respective initiatives to boost defence industry production.' 2:19 Carney pushes to build Canada's ties with European allies The federal government has been in talks with Europe about a deeper security partnership for over a year. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Former foreign affairs minister Melanie Joly, now the industry minister, told The Canadian Press in March that U.S. President Donald Trump's repeated talk of annexing Canada had spurred those talks along, with negotiations in 'advanced' stages. Prime Minister Mark Carney travelled to Europe before and after the election to meet with European leaders, with the defence partnership among the topics of discussion. Story continues below advertisement European Commission President Ursula von der Leyen told Carney during their meeting in Rome earlier this month that 'we would love to work together with you on a security and defence partnership.' 'Let's see how far we get to our summit' on June 23, she added, referring to the Brussels peace conference scheduled that day with European partners and allies. The ReArm Europe plan was also inspired by Trump's election and repeated threats to pull the U.S. out of NATO unless European partners pay more for defence. 'Europe must now assume a greater share of responsibility for its own security and defence,' von der Leyen said in a statement Tuesday after the SAFE loan program was approved. The Liberal campaign platform included commitments to 'advancing Canada's involvement in the ReArm Europe Plan in support of transatlantic security, and prioritizing investment here in Canada – with every dollar spent wisely and effectively.' At the same time, Carney said his government would focus on a 'Made in Canada' defence procurement strategy that prioritizes domestic production alongside allied partnerships. 3:38 Carney says Liberals will focus on 'Made in Canada' defence procurement The platform promised nearly $40 billion in new military spending over the next four years and to reach NATO's target of spending two per cent of GDP by 2030. Those spending commitments were not included in the throne speech. Story continues below advertisement Carney said last week that while Canada will look to partner with the U.S. on defence 'where it can make sense' — including Trump's 'Golden Dome' concept for a space-based missile defence system — his government is also looking at 'other options' among allies. 'You will see a very different set of partnerships, security and economic, going forward,' he said, and specifically mentioned the ReArm Europe negotiations. Carney told his Liberal caucus on Sunday that the Liberal government 'will fight to ensure that Canadians get the best relationship possible with the United States, and we will take the time to do so.' 'At the same time, we will strengthen our partnerships with reliable allies,' he said. 'Canada has what the world needs, and we will defend the values that the world respects.' — with files from The Canadian Press
LBCI
27-05-2025
- Business
- LBCI
EU ministers approve new 150 billion-euro arms fund
On Tuesday, the European Union approved the creation of a 150 billion-euro ($170.7 billion) EU arms fund, driven by fears of a Russian attack in the coming years and doubts about U.S. security commitments to the continent. The approval by ministers from EU countries at the meeting in Brussels was the final legal step in setting up the Security Action for Europe (SAFE) scheme, using joint EU borrowing to give loans to European countries for joint defense projects. The measure was backed by 26 of the EU's 27 member countries, with Hungary abstaining, diplomats said. Reuters
Reuters
19-05-2025
- Business
- Reuters
EU countries agree on big defence fund, diplomat says
BRUSSELS, May 19 (Reuters) - EU countries have in principle agreed on the proposals for a 150 billion euro ($168.3 billion) fund aimed at boosting Europe's defence, known as Security Action for Europe (SAFE), an EU diplomat said on Monday. The plan, proposed by the European Commission in March, will be financed through joint borrowing and give loans to EU members and certain other countries such as Ukraine for projects that bolster their defences and boost Europe's arms industry. ($1 = 0.8913 euros)
Euronews
18-05-2025
- Business
- Euronews
EU and UK chase deal amid wrangling over closer ties
European Council President António Costa, Commission President Ursula von der Leyen and EU's top diplomat Kaja Kallas, will meet UK Prime Minister Keir Starmer in London on Monday to iron out the details of a long-anticipated defence and security pact between the two parties, and potentially discuss future resetting of post-Brexit relations. Starmer previously made it clear that a security pact with the EU is one of the Labour government's priorities, even setting out the ambition in the party's electoral manifesto. The EU since agreed closer collaboration on defence was needed, given the current geopolitical situation. This would open the door for the UK to negotiate access for UK companies to joint defence projects under the EU's Security Action For Europe (SAFE) worth .€150 billion. However a second set of issues are also set to be wrangled at the summit in Lancaster House. The UK wants to see relief from checks and bureaucracy around the sale of food, animal and other agricultural products, known as sanitary and phytosanitary (SPS) goods. In return Britain would need to follow EU regulations overseen by the European Court of Justice. The EU also wants to see a youth mobility scheme allow some 18 to 30-year-olds to work and study in the UK. Another sticking point concerns fishing, where the EU is seeking extension of existing access terms for EU fishing fleets in return for relief from food checks.
Times
30-04-2025
- Business
- Times
Britain must pay for companies to bid for European arms deals
Britain will have to 'pay to play' if its arms companies want to compete for a €150 billion European Union rearmament fund, ministers have been told. A new defence and security partnership is expected to be the centrepiece of the EU-UK summit in London on May 19 after the government conceded to French-led demands that such a deal would mean better fishing rights for European boats in British waters. The trade-off would in theory allow companies such as BAE Systems or Babcock International to bid and win contracts for arms projects from the Security Action For Europe (Safe) EU weapons fund. • The Times view: Starmer must toe delicate line when it comes to boosting EU ties In return the UK would agree a deal
