Germany’s Klingbeil says Canada ‘ideal’ partner amid global tensions

German Finance Minister Lars Klingbeil called Friday for closer economic cooperation with Canada, citing growing geopolitical tensions and economic fallout from the conflict involving Iran.

Speaking at a meeting in Toronto with Canadian Finance Minister François-Philippe Champagne, Klingbeil said Europe must reduce its strategic dependencies and strengthen its economic resilience and sovereignty.

It is becoming clear that Europe must free itself from its dependencies and strengthen its resilience and sovereignty, Klingbeil said. “And Canada is an ideal partner for this.”

The two-day visit aims to expand cooperation in areas such as critical raw materials, defense and artificial intelligence.

Klingbeil also sought to encourage more Canadian investment in Germany, describing the country as an innovative business location made more attractive through reforms and investment incentives.

The two ministers also visited a facility operated by Canadian aircraft manufacturer Bombardier.

Champagne highlighted his recent participation in meetings of EU and Eurogroup finance ministers, saying closer ties with Europe were intentional and reflected a common interest in strengthening transatlantic cooperation.

Klingbeil described Canada as a “partner in values.”