We welcome the conclusion of the negotiations on an Agreement for the participation of Canada in SAFE. The EU's €150 billion defence investment instrument will ramp up Europe's defence industrial base with joint procurement, in which all participating countries will benefit. In these geopolitically turbulent times, it is a means to increase cooperation, meet defence targets and spend better, as we address short-term urgency and long-term needs.
The conclusion of SAFE negotiations builds on our commitment to joint defence cooperation, as set out in the Security and Defence Partnership signed at the successful Canada-EU Summit earlier this year.
And today we take this commitment a step further – as partners, allies and friends. This is the next step in our deepening cooperation and symbolic of the shared priorities of the European Union and Canada. Together, we will create resilient defence supply chains between our industries at a crucial time for global security. In strengthening our respective industrial bases, we will create more jobs, more growth and more opportunities which are crucial for our defence readiness.
Finally, SAFE will also provide vital support to Ukraine and increase the resiliency of the Ukrainian defence industry. We have stood by Ukraine since the start of Russia's brutal war of aggression and we continue to stand by its side, as we work towards a just and lasting peace for Ukraine.
