#1
#1 out of 148.3K est. views
world14h ago
Canada reaches deal to join EU military procurement fund
- Canada has reached a deal to join the EU's SAFE military procurement fund, enabling joint purchases with EU members.
- Defence Minister McGuinty says Canada has secured access but details on costs are still being ironed out.
- Canada becomes the first non-EU country to gain access to SAFE, with potential billions for Canadian defence opportunities.
- Britain has been negotiating to join SAFE, with entrance fee estimates reported between £2 billion and £6 billion.
- The SAFE program provides loans to support large-scale defence projects across EU member states.
- Canada remains outside the EU, with access not extending to financing for all SAFE offerings.
- The deal supports the EU’s push to re-arm amid Russia’s expansionist posture, per the report.
- Canada plans to see growth in defence spending, targeting a 5% GDP share by 2035.
- The pact signals Canada’s shift from U.S.-dependent defence procurement toward EU opportunities.
- The program could make Canadian companies eligible to bid on EU-financed projects once fully integrated.
- Ottawa emphasized the strategic opportunity for Canadian industry despite ongoing cost negotiations.
Vote 0