Canada and the European Union are planning to link their next-generation payment systems to streamline cross-border transactions, reduce costs and strengthen economic ties, according to a draft joint statement prepared ahead of a summit in Montreal later this month.
The proposed initiative forms part of a broader partnership, tentatively named the “Alliance for the Future,” aimed at removing barriers to trade and investment while strengthening economic co-operation between Canada and the 27-member bloc.
The draft statement, dated September 21 and obtained by The Globe and Mail, outlines plans to connect modern payment infrastructure, potentially enabling businesses and individuals to transfer money more quickly and efficiently across borders.
Although the document does not specify the technologies involved, next-generation payment systems generally refer to modernized financial infrastructure capable of processing and settling transactions in real time.
The initiative also reflects growing concerns in Canada and Europe about their reliance on U.S.-dominated financial infrastructure amid increasing trade uncertainty and protectionist policies under President Donald Trump.
Prime Minister Mark Carney has emphasized the importance of financial independence as a component of national sovereignty. During his September 17 address to the European Parliament, he called for greater co-operation between Canada and Europe in strategic sectors, including critical minerals, defence, artificial intelligence, energy security, space and payment systems.
Carney is expected to host senior EU officials in Montreal later this month to discuss an expanded relationship with Brussels. European Commission President Ursula von der Leyen has previously suggested that Canada could become an associate member of the European Union.
According to the draft communiqué, connecting payment systems would make it easier for Canadian and European businesses to conduct international transactions, attract investment and transfer funds at lower costs.
The proposed partnership is also intended to mobilize investment in strategic industries, strengthen economic competitiveness and support long-term growth on both sides of the Atlantic.
The Prime Minister’s Office declined to comment on the draft document, citing its policy of not responding to leaked material. The agreement remains under development ahead of the upcoming summit.
