Canada–EU Summit Must Give Investors Certainty, Leblond Says
October 26, 2026 | Economy, Canada
Trade expert says critical minerals and defence cooperation require dependable demand, reciprocal access and sustained work on trade barriers.
The Canada–EU summit must give businesses greater certainty about investment and market access if closer political ties are to deliver economic benefits, says University of Ottawa trade expert Patrick Leblond.
Speaking to Energi Media ahead of the October 29 and 30 meeting in Montréal, Leblond said critical minerals and defence illustrate the challenge: shared ambitions must become arrangements that companies can finance and trust. [1][2]
“You have to create certainty across the entire chain,” he said of mineral supply chains, arguing that governments and businesses must work together to bring supply, demand and financing into alignment.
Critical Minerals Need Customers
Canadian mineral deposits offer opportunities to supply European industries seeking more secure sources of essential materials. But Leblond cautioned that mining and processing investments depend on confidence in demand over 20 or 30 years.
Producers need buyers willing to commit. Buyers need clarity about prices, volumes and when production will begin. Governments may have to provide initial funding or absorb some risk to encourage investment, he said.
The obstacle is therefore more than getting resources out of the ground. It is building commercial relationships that justify developing mines, processing capacity and export supply chains. [1]
Leblond also rejected making major Canadian decisions out of fear of an American reaction. He supported negotiating agreements that serve Canadian interests. For critical minerals, that means developing relationships with European customers while addressing the investment risks that can prevent projects from advancing into production. [1]
Defence Cooperation Requires Reciprocity
Defence procurement creates another negotiation. Canadian and European governments both want domestic manufacturing to benefit from increased military spending. Leblond said those priorities must accommodate access for partner companies.
Canada’s market is relatively small, making exports important for firms expanding production here. He expects reciprocity to shape discussions about Canadian participation in European supply chains and European participation in Canadian ones.
Joint ventures and investment by European companies in Canada are among the possibilities he described. A clearer framework would help businesses plan, even if the summit does not settle every detail.
CETA Already Provides a Foundation
Leblond also corrected the impression that incomplete ratification prevents the Comprehensive Economic and Trade Agreement from operating. CETA is provisionally applied; full implementation awaits ratification by all EU member states.
He called CETA a “living agreement.” Tariff removal is easier than resolving differences in standards, regulations and professional qualifications. Those issues require continuing institutional cooperation.
Leblond favours more frequent formal meetings, potentially quarterly, to accelerate progress on barriers affecting businesses.
Energy Security Has a Price
On LNG, Leblond argued that Europeans may value reliable supplies even when transportation makes Canadian gas more expensive. He compared security spending to insurance: paying more can reduce exposure to disruptions or political pressure.
His argument concerns the value of reliability, rather than proof that a particular Canadian project or shipping route is commercially viable.
Leblond expects digital trade to feature at the summit and identified possible student exchanges and subsea data connections as areas to watch. Those remain expectations before leaders meet. For businesses, the test will be whether the resulting commitments clarify market access, reduce risk and support decisions to invest.
End Notes
2. Prime Minister of Canada — October 25 summit announcement