As Canada navigates shifting global dynamics, the reaffirmed strategic partnership with the European Union—outlined in the recent Joint Statement on the Enduring Partnership—marks a critical opportunity for economic realignment.
While past tensions with key trading partners have pushed Canada to diversify, they have also opened the door to strengthen ties with like-minded allies. The EU is one such partner. The Comprehensive Economic and Trade Agreement (CETA), though not yet fully ratified, offers a solid foundation for deeper industrial cooperation and mutual economic growth.
Now is the moment to fully activate CETA’s potential—by accelerating ratification, harmonizing regulations, and encouraging Canadian and EU businesses to collaborate on innovation, investment, and sustainability.
The Canadian Chamber of Commerce in Hungary commends this momentum. We view it as a strong first step toward building enduring, resilient partnerships. We see the diversification this could bring as making economies more resilient and an alignment of interests will allow for a better response to the volatility so typical in global economy. Canadian businesses should see this as an open invitation to forge new ties with reliable European partners committed to shared values and prosperity. European businesses, many whom have already done very well with CETA, may find that Canadian businesses are now paying careful attention to what partnering with the EU can do for them.
Read the full Joint Statement HERE.
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Written for the Canadian Chamber of Commerce in Hungary News Section as part of our ongoing coverage of developments affecting Canadian trade, economy and international partnerships, June 2025
