EU and Canada set up a strategic partnership on raw materials

Today, the framework setting the ground for the EU-Canada strategic partnership on raw materials was formally adopted, following political endorsement at the EU-Canada Summit on 15 June. The partnership will allow both sides to advance trade and investments into a secure, sustainable and resilient raw materials value chain, which is key to achieving the transition to climate-neutral and digitalised economies. The strategic partnership will focus on the integration of EU-Canada raw material value chains while specifically enhancing collaboration on science, technology and innovation collaboration; as well as environmental, social, and governance (ESG) criteria and standards. Commissioner Breton, responsible for the Internal Market said: “This partnership with Canada complements our efforts towards EU’s security of supply and diversification of sourcing the raw materials we need for the climate-neutral economy and the twin transition. Canada was a natural choice to setup the first partnership on raw materials. Canada is a like-minded resource-rich country, shares important environmental, social and governance values with the EU and we have CETA, which offered the framework to advance.” The EU-Canada strategic partnership on raw materials follows the Commission’s Critical Raw Materials Action Plan published in September 2020, which announced that the EU should engage in strategic partnerships with resource-rich third countries, making use of all external policy instruments and respecting its international obligations. The EU is pursuing strategic international partnerships with third countries to diversify and strengthen the resilience of supply chains, in line with the Updated Industrial Strategy adopted in May 2021 and with the objectives of the Commission’s Trade Policy Review issued in February. The EU is working on further strategic partnerships on raw materials, such as one with Ukraine which is currently being finalised ahead of an EU-Ukraine High level conference on 13 July.