Here are five things you need to know this morning
Carney: Spoke to Trump on wide range of topics
Prime Minister Mark Carney did not hold a formal bilateral meeting with U.S. President Donald Trump at the G7. Carney notes, however, that he had discussions with the president over the course of the summit on a wide range of subjects, including the economy, AI and Iran. The summit is ending as the deadline to renew the Canada-U.S.-Mexico trade agreement draws near. Canada-U.S. trade minister Dominic Leblanc says progress on the pact was made at the summit.
Bloomberg: G7 agree to reduce reliance on China
Today marks the last day of the G7 summit in France. Bloomberg is reporting the group of seven is aiming to reduce reliance on China. According to the report, the leaders have agreed that no single country should supply more than 60% of imports of critical minerals by 2030. The countries plan to introduce binding quotas for companies in some industrial sectors as well as set up a platform to increase supply from recycling and new mining projects. China currently controls roughly 70% of the market for refining processes for critical minerals.
Canada, UAE enter new economic partnership
Prime minister Mark Carney says Canada and the United Arab Emirates will enter a new economic partnership, and are in active negotiations. Carney says the partnership will catalyze billions of dollars of new investment in major infrastructure projects. UAE investments in Canada currently exceed $30 billion across logistics, ports and energy. The UAE remains Canada’s largest export market across the Middle East and North Africa region.
CPPIB committing to strategic partnership with India
The Canada Pension Plan Investment Board is committing one billion dollars to a strategic partnership in India. CPPIB will invest $588 million to acquire an 8.2 per cent stake in CtrIS Datacenters Ltd. and will invest up to $441 million to form a joint venture to develop hyperscale data centre infrastructure across the region. Under the terms, the investment manager will own a 48 per cent stake in the project.
