Canada Agrees to Join EU Defence Fund Initiative

Canada has agreed to join a major European Union (EU) defence fund, becoming the first non-EU country to gain access. The agreement would allow Canadian defence companies to secure economical, EU-backed loans for procurement of military equipment, expand their access to the European market and draw European defence investment into Canada. The decision is aimed at diversifying the country’s military spending to reduce dependence on the United States as well as improve its relationship with the EU.