Prime Minister Mark Carney announced that the Canadian government will introduce a new trade diversification strategy this autumn to enhance existing partnerships and explore fresh markets, with a particular focus on Asia. Addressing the Liberal caucus in Edmonton, Carney outlined the administration’s seven key priorities for the upcoming season, covering areas such as economic stability, cost of living reduction, affordable housing construction, safeguarding Canadian sovereignty, and ensuring sustainable immigration rates.
During his speech, Carney stressed that the global economy is not just transitioning but experiencing a significant shift, especially as the United States is fundamentally reshaping its trade connections. He highlighted the importance of self-reliance and mutual support, emphasizing the need for Canada to establish a new economic and security alliance with the U.S. while broadening its trade engagements.
Canada’s recent agreement with the European Union will kick off implementation this month, following the appointment of a special envoy, as disclosed by Carney. Details regarding the envoy’s identity and role remain undisclosed. The country has been actively strengthening ties with Europe amidst a reevaluation of its relationship with the U.S. amid ongoing trade disputes.
In June, Carney inked a strategic defense and security partnership with the European Union, unlocking opportunities for Canadian firms to participate in the $1.25 trillion ReArm Europe initiative. Additionally, the Prime Minister conducted visits to Germany, Ukraine, and Poland in August to engage with key business and political figures, aiming to advance collaboration opportunities in trade, energy, critical minerals, defense, and artificial intelligence.
Carney reiterated the government’s commitment to affordable housing as a key objective for the upcoming months. The government plans to introduce its federal housing initiative, Build Canada Homes, next week to accelerate housing construction rates over the next decade. This initiative aims to oversee the construction of affordable housing while providing substantial financing for new projects nationwide.
Furthermore, the government will unveil its new “climate competitiveness” strategy this fall, highlighting the significance of addressing climate change as an essential economic matter. Carney also disclosed that Canada’s forthcoming industrial defense strategy will aim to meet the NATO target of two percent of the country’s GDP by March, generating numerous high-paying jobs for Canadians.
In the realm of public safety, the Liberal government announced measures to bolster support for law enforcement agencies, border services, and first responders. Carney indicated plans to introduce legislation to strengthen bail laws concerning home invasions, car thefts, and gang-related crimes, emphasizing the need for enhanced legal protections.
Regarding immigration, Carney reiterated the government’s objective to bring Canada’s immigration rates to sustainable levels by reducing the proportion of temporary foreign workers and international students in the population. The government aims to scale down these numbers to less than five percent by 2027, down from a peak of 7.3 percent in 2024.
In conclusion, Carney emphasized that the upcoming budget would prioritize reduced spending to empower Canadians to invest in initiatives that can stimulate private capital and unleash Canada’s economic prowess. He referenced the government’s efforts to streamline operations by identifying ways to cut red tape across departments, promoting efficiency and fiscal discipline for a stronger economic future.