The bilateral accords would give Canadian companies access to the EU’s €150-billion ($240-billion) loan fund for defence production and let Canada participate in common defence procurement with EU members. (Bloomberg)

Talking point: Prime Minister Mark Carney has committed Canada to spend 3.5 per cent of its GDP on defence by 2035, and Industry Minister Mélanie Joly has promised a new industrial policy to funnel as much of that money to Canadian firms as possible. Carney signed a security and defence agreement with the EU in Brussels last month in an effort by Europe and Canada to lessen their dependence on the U.S. That agreement opened the door for Canada to join the EU’s defence loan and procurement programs, which are typically reserved for member states. Bloomberg reports the final agreement needed to complete that process could be offered as soon as the end of July.