‘The world has changed’: Canada looks to deepen trade ties with Europe amid tariff concerns

President of the Canada EU Trade & Investment Association Mark Camilleri says there are additional ways for the Canada-EU relationship to develop beyond trade.

Canada is ramping up efforts to deepen trade ties with Europe as it prepares for high-stakes talks over the future of the Canada-United States-Mexico Agreement (CUSMA) and faces renewed uncertainty over U.S. tariffs.

Finance Minister François-Philippe Champagne capped off a week of diplomacy with a visit to Denmark, where he met with European Union finance ministers to promote Canadian critical minerals, energy exports and defence capabilities.

“I think the finance minister’s visit is one of a string of high-level visits that we’ve seen over the course of the last few months … to really work to diversify trade, and specifically trade to Europe,” Mark Camilleri, president of the Canada-EU Trade and Investment Association, said in an interview with CTV News Channel on Sunday.

He said Canada’s evolving relationship with Europe is moving into what he describes as a “CETA Plus” model, building on the Comprehensive Economic and Trade Agreement that came into force in 2017.

“That agreement has seen a growth in trade — 73 per cent growth in services, 65 per cent growth in trading goods,” Camilleri said. “It’s a very healthy relationship … the trade has been resilient and strong.”

But he added that today’s geopolitical environment demands a broader kind of engagement that goes beyond tariffs and market access.

“What we’re moving into is what I call … a CETA Plus model,” Camilleri said. “We’re looking at more of a deeper strategic engagement … in areas that go beyond trade liberalization.”

He said those areas include energy security, critical minerals, defence, and digital technologies such as artificial intelligence — all of which have become top priorities in Ottawa’s recent outreach to European allies.

While the U.S. remains Canada’s largest trading partner, Camilleri said building deeper ties with the European Union is a way to strengthen economic resilience.

“The world has changed,” he said. “This is about more than trade. It’s about long-term strategic alignment.”