Canada set to join SAFE, PM Carney announces major boost for defence industry

Ottawa (The Uttam Hindu): Canada has successfully completed negotiations to join the European Union's (EU) ambitious security program, Security Action for Europe (SAFE). Prime Minister Mark Carney confirmed this in a statement released on his official website on Monday. Carney said that both Canada and the EU will now work towards formal ratification of this bilateral SAFE agreement as soon as possible so that Canada's official participation in the program can begin in the coming weeks.

According to Prime Minister Carney, joining SAFE will provide Canada's defence industry with significant opportunities in the European market. This will not only provide new opportunities for Canada's defence equipment manufacturing industry, but will also provide the Canadian military with access to more reliable and diverse suppliers.

He stated that the agreement would attract large-scale private investment to Canada, creating high-paying jobs, strengthening domestic industries, and enhancing collective defense capabilities in the Atlantic region. Carney explained that after joining SAFE, Canada would be the only country outside Europe to receive such preferential access. This is being considered a major achievement in Canada's international security role and defense cooperation.

According to a government press release, Canada will establish a new Defence Investment Agency. The agency's purpose will be to simplify defense investment procedures, centralize approval systems, and strengthen the country's industrial capacity. This will help expedite decision-making and increase investment in the defense sector.

It is worth noting that the Council of the European Union approved the establishment of SAFE in May. This program provides long-term, low-interest loans to member states to purchase defense and security equipment, with a total financial assistance of 150 billion euros (approximately $174 billion). This program helps Europe enhance its collective defense capabilities and strengthen its preparedness to address global security challenges.

Canada and the European Union signed a Security and Defence Partnership in June, which lays out the basic framework for security and defence cooperation between the two countries. This partnership is set to be further strengthened with the SAFE agreement.