Canada, US can reach 'mutually advantageous' trade agreement: Carney

Canadian Prime Minister Mark Carney said Monday that Canada and the United States can reach a "mutually advantageous agreement," welcoming US President Donald Trump's recent comments that a trade deal could be reached soon.

In an interview with Bloomberg ahead of Canada's first national investment summit in Toronto, Carney said such an agreement is possible if it respects the sovereignty of both countries and Canada's cultural institutions.

"We're ready to sit down and negotiate that and move it forward. So I welcome the president's comments," he said when asked about Trump's recent comments about reaching a deal.

Carney said Ottawa is not concerned about which side should make the first move, stressing that there was no issue of pride involved in the trade dispute.

"There's not a pride thing in it," he said, adding that Canada knows its "bottom lines" and "red lines" on sovereignty, culture, and its ability to sign trade agreements with other countries.

"We are on a path to double our trade access to 3 billion consumers around the world. We are not going to slow down on that," he said.

Saying that Canada is ready to negotiate with Washington while maintaining those priorities, he added that recent developments may have given US officials a clearer understanding of Ottawa's position.

"We're ready to sit down. There's no pride in this. We're to do what's right for the Canadian people," he said.

Asked whether recent tensions and mocking comments by some Trump administration officials could affect the atmosphere surrounding the talks at the summit, Carney said he did not expect them to damage the relationship.

"Short answer, no. These are all professionals," he said, emphasizing the longstanding ties between the two countries.

"Canada and the US have a very long relationship. We sometimes go through periods where there are tensions in that relationship," he said. "Provided we continue this approach, we'll come to some agreement at some point."

Relations with EU

On Canada's relationship with the European Union, Carney said Ottawa is seeking a deeper strategic partnership rather than EU membership.

Citing Canada's participation in the EU's Security Action for Europe (SAFE), a €150 billion ($173 billion) European defense procurement arrangement, as an example of deeper cooperation, Carney said Canada is treated as European for its purposes.

Noting that the partnership could expand into areas such as defense, space, artificial intelligence, sovereign computing, critical minerals, and energy, he also said Canada and Europe could pursue "enhanced labor mobility," expanded educational opportunities, and greater research cooperation.

"It's the start of a process, but it's a start of a high-ambition process," Carney said.