Canada has joined a major European Union defense fund. The move, announced Monday by the office of Prime Minister Mark Carney, allows Canadian defense companies access to a 150 billion euro EU loan program called Security Action for Europe, or SAFE.

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Canada has joined a major European Union defense fund, Prime Minister Mark Carney’s office said Monday, as the country looks to diversify its military spending away from the United States.

The plan allows Canadian defense companies access to a 150 billion euro ($170 billion) EU loan program, known as Security Action for Europe, or SAFE. That would allow Canadians firms to secure cheap, EU-backed loans to procure military equipment.

“Canada’s participation in SAFE will fill key capability gaps, expand markets for Canadian suppliers, and attract European defense investment into Canada,” Carney said in a statement.

Canada is the first non-EU country to gain access.

Carney has said he intends to diversify Canada’s procurement and enhance the country’s relationship with the EU. He has previously said that no more will over 70 cents of every dollar of Canadian military capital spending go to the U.S.

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  • Melchior@feddit.orgEnglish
    6·
    6 hours ago

    In a way Europe has been preparing for the post US age for decades in form of the EU. It provides its members a large secure market, is a massive security alliance and is a useful tool for geopolitics. But probably most important, the EU is afraid of Russia, where the US can potentially be very helpful. If Russia is beaten, then it is not a threat for years. Other then that Turkey might be a problem, but that can be dealt with more easily and then you have the US, which is an ocean away and China, which is on the other site of the planet. Canada meanwhile has to listen to Trump openly talking about annexing their country.

    I really hope Russia collapses soon. It would mean Europe being able to much more easily chart its future with much less fear of Trump.