Mark Carney says Ottawa wants India trade deal to be finalized by November
Canadian Prime Minister Mark Carney on Wednesday underscored the necessity of energy and trade diversification, citing the severe global impact of the Strait of Hormuz closure.
"One of the lessons of deep insight ... is diversification," Carney told reporters during a briefing in Evian, France, on the sidelines of the G7 Leaders' Summit.
He noted that the strategic "choke point" in the Middle East has had a direct negative effect on the cost of living, including higher fuel prices for Canadian citizens.
Carney said there is not enough diversification within that region and Canada has the ability to do several things.
The prime minister detailed Canada’s commitment to stabilizing markets by expanding its energy reach. He said that the nation aims to produce 150 megatons of liquefied natural gas (LNG) by the end of the year to meet increasing demand from European partners.
He highlighted existing LNG offtake agreements with Germany and noted that further deals with European nations are currently being finalized. Additionally, Ottawa is focusing on the expansion of the Trans Mountain (TMX) oil pipeline and potential new routes to the US to ensure broader distribution networks.
Trade with India, China
Addressing bilateral trade, Carney confirmed that Canada is making "substantial progress" on a comprehensive trade agreement with India following his meeting with Prime Minister Narendra Modi.
He pointed out that Canadian pension funds and businesses have already invested $100 billion in India, making the Foreign Investment Protection Agreement (FIPA) a priority for future growth."Our intention would be to complete them by the G20 this year, which is in November," said Carney.
Regarding China, Carney said he discussed Canada’s new tariff framework on Chinese electric vehicles with US President Donald Trump.
He explained that the policy includes a "hard cap" of 49,000 units, with a specific requirement that half of that quota must be for vehicles priced at $35,000 or less. According to Carney, the US president "likes the structure" of the agreement.
Diplomatic shifts and regional conflict
The prime minister described the newly reached peace accord with Iran as a potential "game changer" that could alter the trajectory of conflicts in Ukraine and Lebanon.
Carney clarified that "there is no Canadian money" being contributed to the reported $300 billion reconstruction fund.
"What you need in any of these accords is you need people to help implement them, third parties to help implement them, moderators overseeing it," he said, adding Ottawa is "willing to help if that's appropriate."
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