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TRADE POLICY

EU and Canada complete Digital Trade Agreement, deepen AI cooperation

A Montreal summit later this month is set to formalize a digital trade pact and broader AI cooperation as both sides look to diversify away from reliance on the US and China.

Citi Sighs3 MIN
A row of European Union flags outside the European Commission's Berlaymont building in Brussels

EU flags at the European Commission, Brussels. Photo: Guillaume Périgois / Unsplash

The European Union and Canada have completed negotiations on a new Digital Trade Agreement, according to a draft statement ahead of an EU-Canada summit scheduled for October 29-30 in Montreal.

The agreement is intended to enable faster, lower-cost, and more secure digital trade and transactions between the two economies, and sits alongside a broader push for cooperation on artificial intelligence as both partners look to strengthen ties amid pressure from US trade policy and competition with China.

Talks have been underway since March, and the Montreal summit is expected to add substance to earlier suggestions from European Commission President Ursula von der Leyen that Canada could become the EU's first "associate member."

The digital trade and AI cooperation track is one part of a wider set of agreements expected at the summit, which also reportedly includes European Investment Bank financing tied to Canadian critical minerals.

Source: dig.watch (https://dig.watch/updates/eu-canada-digital-trade-ai)

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