Market News

Key Points

• EU chief Ursula von der Leyen said the bloc wants to open the door for Canada to become its first associate member, signaling a major deepening of ties.
• The proposal comes as Canadian Prime Minister Mark Carney seeks a closer economic and security relationship with Europe amid a bitter trade war with the U.S.

European Commission President Ursula von der Leyen on Wednesday said the European Union is opening the door for Canada to become the first associate member of the 27-nation bloc.

Speaking in her annual state of the European Union address in Strasbourg, France, the EU chief said the bloc wants to bring the relationship with Canada “to the highest level possible.” “And, dear Mark, I said we must urgently reimagine our partnerships so I would like to work with you on opening the door for Canada to being the first associate member of the European Union,” Von der Leyen said. Carney, who was in attendance for the speech, had previously said Ottawa was keen to pursue a “unique security and economic alliance” with Europe, but not full membership. Canada is currently locked in a bitter trade war with the U.S. and has pledged to match President Donald Trump’s tariffs dollar for dollar.