Canada, EU plan to link next-gen payment systems, easing transactions
www.theglobeandmail.com
Move would allow faster cross-border transfers and lessen reliance on U.S. infrastructure

Archived version

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Canada and the EU are working to modernize the electronic systems that their businesses and people use to move money from place to place.

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The draft of the coming [October] summit’s joint statement, dated Sept. 21, says Canada and the EU will commit to stitching together payment systems. It is a work in progress of the text that the two sides are planning to release at the Montreal event.

“We will also work toward connecting next-generation payment systems to facilitate faster, lower-cost and more seamless cross-border transactions, making it easier for Canadians and Europeans to conduct business, invest and transfer funds internationally,” the statement says. “These efforts will help mobilize capital for strategic sectors and support long-term economic growth and competitiveness.”

The U.S.’s power over international payments was demonstrated in 2025 when Mr. Trump imposed sanctions on Winnipeg-born International Criminal Court judge Kimberly Prost over her work on a case involving American troops in Afghanistan. The U.S. sanctions left Ms. Prost unable to use most credit cards or multinational services such as Amazon or airlines.

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The draft statement shows that Canada and the EU plan to announce that they’ve completed a Digital Trade Agreement “to allow for faster, lower-cost secure digital trade and transactions” and that they plan deeper co-operation on critical minerals.

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The capitals also plan to announce a deal between competition watchdogs in the EU and Canada “to effectively address anti-competitive conduct” as well as the launch of negotiations “toward a framework” for Canada to participate in the European Union’s Galileo space program.

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In addition, the Canada-EU draft statement says they plan a “long-term feasibility study on Liquefied Natural Gas (LNG) exports to Europe” from Canada.

And, it says, Canada and the EU will launch negotiations toward participation in Erasmus+, the EU’s flagship education and mobility program that enables students to study at universities in the bloc.

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