In a meeting of key importance, Minister Maninder Sidhu of Canada’s International Trade Department met with European Commissioner for Trade and Economic Security Maroš Šefčovič at the Organisation for Economic Co-operation and Development (OECD) Ministerial Council Meeting held on June 3-4, 2025, in Paris, France.
The two officials discussed the significance of supporting the rules-based trading system, as well as continuing collaboration among G7 members to create an open, stable, and predictable trade environment. They also explored ways to expand Canada-EU trade, including through the implementation of the Canada-European Union Comprehensive Economic and Trade Agreement.
Strengthening Trade Ties with the EU
The European Union market, comprising 27 member states, is Canada’s second-largest global trading partner for goods and services after the United States. Strengthening trade ties with the EU is crucial to ensuring Canadian businesses and industries have access to diverse markets and partners, thus supporting economic growth and jobs on both sides of the Atlantic Ocean.
Canada and the EU have a comprehensive agreement in place, which has been instrumental in promoting bilateral trade and investment between the two regions. The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) provides for significant reductions in tariffs and other barriers to trade, as well as cooperation on key areas such as services, investment, and digital trade.
Collaboration among G7 Members
In addition to discussing ways to expand Canada-EU trade, Minister Sidhu and Commissioner Šefčovič also touched upon the importance of collaboration among G7 members in support of an open, stable, and predictable trade environment. This is particularly relevant given Canada’s 2025 G7 presidency.
Key Takeaways
- The Canadian government is committed to strengthening trade ties with the EU through the implementation of CETA and continued collaboration among G7 members.
- The importance of supporting the rules-based trading system was emphasized by both officials, highlighting its significance for promoting economic growth and jobs on both sides of the Atlantic Ocean.
- Canada and the EU are working together to create a more stable and predictable trade environment, which will benefit Canadian businesses and industries.
In conclusion, Minister Sidhu’s meeting with Commissioner Šefčovič underscores the significance of Canada-EU trade relations and the importance of collaboration among G7 members in support of an open and stable trading system. As Canada looks to strengthen its relationships with key partners like the EU, it is clear that a rules-based approach will be essential for promoting economic growth and jobs on both sides of the Atlantic Ocean.