Thursday, March 5, 2026

Toronto, Ontario

Check against delivery

Well good evening, everyone. Thank you for that kind introduction.

I want to say thank you to the Empire Club for hosting us here today.

And of course, I want to welcome our commissioner, the EU trade commissioner, my friend Maroš Šefčovič, for coming to Toronto and joining us as we progress our trading relationships.

So, before we begin, I want to say thank you to each and every one of you for everything you are doing to promote Canada on the world stage, including our friend Arlene [Dickinson].

Arlene, I’ve seen you out on the road many times—just in Singapore a few weeks ago—so thank you for being such a great ambassador [for] Canada.

Commissioner, today was a full day, a productive day, and I want to tell you what we have accomplished.

But first let’s acknowledge the world we are operating in.

The world feels unsettled.

Politics are volatile.

And supply chains are strained.

Geopolitics are tense.

And in moments like this, countries around the world are looking for a trusted partner, a stable partner and a reliable partner.

And Canada is that partner. And with Europe, our bonds are only getting closer.

And that is why the Canada-EU partnership matters so much right now.

Since our CETA trade agreement came into force, bilateral merchandise trade has grown over 75%.

Trade in services [has nearly doubled].

And last year, merchandise trade reached a record $134 billion dollars.

From 2016 to 2025, merchandise trade under CETA grew faster than Canada’s trade with the rest of the world, including the United States, Mexico and China.

Yes, something worth applauding.

And that is not by accident. That is what rules-based trade and trusted partnership deliver.

And today, we made the partnership even stronger.

We launched of negotiations toward a Canada-EU digital free trade agreement.

We strengthened CETA’s investment protections for small and medium-sized businesses.

And we marked the entry into force of the Mutual Recognition Agreement for Architects, opening access to Europe’s $1.1-trillion construction market.

And that is what a day’s work looks like.

But partnership today is about more than market access. It’s about strategic alignment. It’s about resilience. It’s about working with trusted democracies to pool resources and strengthen our supply chains that power the 21st century.

And this is where Canada brings something unique to the table.

Canada holds 31 priority critical minerals. We possess 10 of NATO’s 12 defence critical minerals—the materials needed for batteries, semiconductors, aerospace, advanced manufacturing and defence.

As Minister Hodgson said this week right here in Toronto, these are cards in our hands. Not as a threat, but as leverage in a world where secure supply chains matter more than ever.

That is why Canada has signed critical mineral agreements with Germany, France, Italy, the U.K. and the EU, alongside partners across the Indo-Pacific and beyond.

It’s why we recently concluded [a] $2.6-billion uranium supply agreement with India just a few days ago.

And it’s why our government announced $12.1 billion in critical mineral investment partnerships with 12 allied nations just last month.

As Prime Minister Carney said at Davos, “Middle powers must act together because if we’re not at the table, we’re on the menu.”

And Canada is certainly at the table working with partners across the globe to diversify trade and sign new economic and security partnerships.

It’s also why our goal of doubling Canada’s non-U.S. exports over the next decade is not ambitious for its own sake.

It’s about building options. New markets, new contracts and new jobs for Canadian workers.

We have signed deals with Indonesia, Ecuador, the UAE.

We joined SAFE—the EU’s readiness 2030 defence procurement plan—opening new opportunities for Canadian manufacturers in space technology, advanced manufacturing, cyber security and beyond.

We have secured close to $100 billion in foreign direct investment last year—the highest amount in 18 years. That’s billions of dollars in critical mineral, energy and infrastructure projects boosting Canada’s economic security. 

And we aren’t stopping there. After signing record agreements and attracting the largest foreign direct investment in recent times, we are moving at speeds never seen before. 

We are negotiating with Mercosur, ASEAN, India, Philippines and more. Canada is diversifying and we are doing so with partners who share our values. 

Middle powers have the most to lose from a world of fortresses and the most to gain from a world of cooperation—as said by Prime Minister Carney. 

Canada is a middle power. A trading nation. A country with the resources the world needs and the values to back them up.

Europe is our partner in building that cooperative world. And there has never been a better time to go further together.

Commissioner, as you say—I’m going to try this really slowly—bez práce nie sú koláče [without work, there are no cakes]. Today we worked and tonight we continue that work together.

Thank you so much everyone.