Canada, Australia look for new ways to bolster each other’s economy and sovereignty

Summary

• More than 160 business & political leaders attended the 10th Australia Canada Economic Leadership Forum at the Pacific Rim hotel in Vancouver.
• Prime Minister Mark Carney described Australia as Canada's strategic cousin & noted both nations face challenges from a shifting world order after U.S. President Donald Trump's return.
• Canada is diversifying its economic relationships beyond the United States due to changes in American trade & foreign policies.
• Artificial Intelligence & Digital Innovation Minister Evan Solomon identified Australia as a natural partner for building resilience in mining, AI, & the tech sector.
• In 2025, Canada purchased a $2.5-billion over-the-horizon radar system from Australia, marking the largest defense export in Australian history.
• Cumulative investments between the two countries have surpassed $240 billion, with Australian capital flowing into Canadian energy & critical infrastructure.
• Canada & Australia signed a historic investment pact allowing their pension funds to invest in each other's infrastructure & real estate projects.
• Forum chair Mark Romoff emphasized the urgency of capitalizing on this geopolitical realignment to expand business opportunities.