‘Spending A Lot Of Time With Donald Trump’: Carney’s Viral Remark Sparks Laughter | Canada News

Take your questions, look forward to your questions.I'll just say a few words about what's been going on this week, another busy week, a good week for Canada.And I'll just say a few words about what we've been building.Building defense capabilities at home, building trust and partnerships with our allies, and building new opportunities here in Saudi Arabia.On Monday in Halifax, we announced the largest defence procurement in Canadian history, and we're now beginning the process of negotiating up to 12 state -of -the -art submarines from TKMS.This is historic, not just for the new capability that we're going to deliver to Canadian submariners, but also for the speed and ambition the efficiency and the impact of the procurement process.

We received reviewed and selected bids in less than a year, five years ahead of the original schedule, and that's a change to process.I know it sounds wonky and boring, but it's an important change to process the defence industrial strategy in action.Monday, we have chosen to produce in our own way the sovereign capacity that we will need to defend our coasts, our Arctic, and our population.At this time, the threats we are facing are tangible.Canada is ready to defend its citizens' interests and its allies who will face them.The generational investments we're making in the Canadian Armed Forces

meant that on Tuesday, for the first time in 40 years, nearly 40 years, Canada arrived at a NATO summit with our defense investments and capacity on a clear upward trajectory.Already hit NATO's 2 percent target, we're on a clear path to 5 percent by 2035, which is the NATO objective.We arrived in Ankara as a stronger, more capable member of the Alliance.At the summit, I met with President Erdogan, where we agreed to launch negotiations on a new free trade agreement with Turkey, a trade agreement that can unlock billions in trades between our two countries.We signed new defense contracts that will grow our industrial base and jobs at home in Canada.We agreed to open negotiations to join NATO's Innovation Sub Fund and announced that Canada will host NATO's 2027 Industry Forum, a sign of our ambition in building jobs and growth here at home.

As we build our strength at home, we're also deploying it abroad.In Ankara, we announced that Canada will extend Operation Reassurance to 2031, and that's the Canadian -led brigade in Latvia.It's our largest overseas mission, and we're increasing it, deploying more personnel for a total ground presence of about 2 ,600.That's Canadian soldiers joined by 15 other nations of the NATO alliance.Canada will now stand as the third framework nation of a multinational division north alongside Latvia and Denmark, taking even greater responsibility for NATO's eastern flank.From the work we started in Montreal in the spring, we have added new support around the Defence, Security,

and Resilience.This institution, run by Canada and based in Canada, will mobilize private capital for our collective security.In Ankara, eight of our allies and partners have agreed to support the Bank, which will allow us to accelerate its implementation and increase its potential influence.Let us add to this that our commitment to Ukraine remains indefatigable.We have awarded new forms of ammunition, air defense, armored vehicles and essential equipment, and this is part of the general support that we offer and which has made Canada one of the most important partners of Ukraine since the beginning of the war.I also held a series of bilateral meetings, including with the NATO Secretary General, leaders from over a dozen countries.

So through new investments, through deeper industrial and defense partnerships, strengthened support for Ukraine, expanded role in reinforcing NATO's eastern flank, Canada is delivering on our commitments in helping to build a stronger and more secure NATO.Here, today in Jeddah, we are building partnerships with the Kingdom of Saudi Arabia.harnessing the ambitions of our nations to catalyze greater security, prosperity, and opportunity for both our peoples.We signed – Canadian, I should say – Canadian and Saudi businesses have signed 13 new commercial agreements across education, critical minerals and mining, energy, infrastructure, security, artificial intelligence.In education, agreements to train workers in some of the mostmost dynamic industries, building the skills that will power its next decade of growth.

In critical minerals and mining, new Canadian engineering partnerships are working on some of the most ambitious mining projects here, unlocking over $2 trillion of mineral wealth.In energy and infrastructure, Canadian expertise is supporting roads, rails and urban development across the Kingdom, along with clean building technologies that help it build sustainably.And in defence and security, new training partnerships support the Kingdom's efforts to build domestic aviation and defence industry capabilities.In artificial intelligence, Canadian AI and health technology partnerships are helping to transform patient monitoring, diagnostics and surgical care.We're aiming to conclude negotiations with Saudi Arabia for a foreign investment promotion and protection agreement by the first quarter of next year.Canada's Minister of Finance, who's here, intends to lead a delegation of Canadian pension funds and their $2 trillion of capital to visit the kingdom in coming months to identify new investment opportunities.

And Saudi Arabia's public investment fund will visit Canada in the fall, attending our Canada Investment Summit, which showcase some of our transformative projects.Canada is also announcing that we will participate in Expo 2030 here in Saudi, bringing Canadian projects expertise, showcasing the best of Canada at what will be a landmark event.I would like to thank His Royal Highness, the Crown Prince, and the Prime Minister of Saudi Arabia for his hospitality and for our rich discussions this afternoon.Canada and Saudi Arabia have growing cooperation across key sectors, some of whichI've referenced, but I also want to recognize the Kingdom's broader efforts to promote regional stability and security.So in four days, in three countries, we've worked to build our strength, to build trust with our allies, to build a new partnership with the world.

In this time of uncertainty, we're choosing to act, we're choosing to build Canada strong.And with that, I look forward to your questions.

Prime Minister, the previous government spoke about their differences with Saudi Arabia publicly in many ways.If I understand you correctly, for instance on human rights, you can have differences and discussions behind closed doors, but you can also do everything else that you have described.Why do you think that's the way to go now as opposed to what happened sort of 2018 in that sort of more challenging time between the two governments?

Well, I'm going to take your question more generally about our approach as you began, if that's okay, and you can follow up if that's not sufficient.We recognize a couple of things.One is that engagement is not endorsement, so Engaging with the country doesn't mean that we agree with everything that a country is doing.In fact, I can't think of a country on the planet where we would agree with everything that they're doing, first point.No country is Canada and we don't even agree with everything that's happening in Canada.Better is always possible, including for Canada.

So that's the first.The second is that we recognize in a world that's more dangerous, it's more divided, a world where we need to diversify our partnerships, where we become over -reliant on a partner with whom we sharemany things.The United States, obviously, we share many things, and we value that partnership, but we're over -reliant, and that's been demonstrated.Canadians have very strongly recognized that, and we're looking to diversify.So we are actively engaging with key partners around the world.

We are calibrating those engagements.depending on alignment and depending on our interests.Part of our interest is to build our strategic capabilities.In other words, to build in areas that make Canada more resilient, stronger, more independent.And where there's complementarities, we do that.And then the last element, it's not the last element, but the last element I'll hand back, is we recognize as a government the importance of countries that are active and influential in geographies in the world and in situations in the world about which we care deeply.

Canadians, Canada has always cared deeply about the Middle East.Canadians, Canada has since, before Diep and Baker, I'm going to stretch it back, well, I should back to, well, since 1948, actually, has supported a two -state solution.I'll give the example of the two countries that I've been to on this trip.Two of the most influential countries with respect to potential solutions there are Saudi Arabia and Turkey.We need to engage with these countries.We need to be speaking with them.

We need to work with them.That doesn't mean that they have the key to unlock things, but not being engaged, not talking to them on level.I'm the first prime minister to come here in 25 years.I was the first prime minister to speak to President Erdogan in over a decade.Speak to him.And so it's about recognizing where we can have influence, where we can build resilience, independence, strength, Canada, calibrating appropriately, and also creating a situation and a dialogue where we can raise issues.

And because we have influence and because we have partnerships, we have a greater chance of positive outcomes and positive progress in those issues.So it's probably longer than you wanted, but that's...

Last point on this for me, that you...Again, if I hear you correctly, emphasizing those disagreements, particularly publicly, doesn't really get countries like Canada anywhere.The critics would say you are so focused on business and jobs and money that you're just looking away from those other things, and I'm assuming you would see that differently.

I definitely see that differently.I do see that lecturing countries from afar is an ineffective strategy.It's satisfying, but is it effective?Engagement can be effective.It doesn't mean it's always effective.It doesn't mean it's decisive, but it can be effective.

We care deeply about human rights.We care deeply about self -determination for nations.We care deeply about territorial integrity of nations.We care deeply about Canadian consular cases.I addressed a Canadian consular case in Ankara two days ago.And because I was with the President, it was addressed favourably.

If I sat in Ottawa and pointed out all the things that we might not agree with, with what Turkey has done or is doing or might do, I wouldn't have had that conversation, I wouldn't have had that impact.That's a small example, but it is an example of a broader point.

If we go by examples, have you talked about human rights, human rights of the person with the heir prince?And I take the example of Raif Badawi, who is this blogger whose family First of all, what concerns private discussions, one of the advantages of private discussions is that they are private.

If we have a transcript of private discussions, they are public discussions.I will remain like this in terms of discussions with any head of state or head of government, in the case of the Prince here.As for the situation you are talking about, yes, it is a difficult situation, very difficult for the family, for the individual here, the family in Canada.speak French.prime minister to be here for more than 25 years.He is one of the most important members of G20.

We have to get involved.French).

You said that Saudi Arabia is undergoing a transformation.In the chapter on human rights, particularly women's rights, it's clear that it's one of the countries with the worst statistics in the world.What have you seen that makes you say that this society is undergoing a transformation?

Well, it's not for me to be the judge here.You're asking me for an example.Okay.Just a decade ago, I think, maybe 15 years ago, the rate of participation of women in the labor market was, I don't know, 10%, 12%, something like that.Now it's higher than in India, in Japan.Here in Saudi Arabia, there is progress here.

It's not for me to be the judge, but I can see.The first time I visited this country was in 1994.We can see.If there is a record of being here, we can see with our eyes.Can I follow through these questions?I'm worried about time.

Prime Minister, most of the people you met today, most of the Saudi officials you met today, are major players led by the Crown Prince in this Vision 2030 exercise.A vast plan to modernize and diversify the Saudi economy.Even that, huge resources, all hands on deck, from the beginning it's run into substantial rough patches.Cost overruns, expropriation problems for a government that's used to getting its way, scaling back the ambition of the plan.Are there elements of a cautionary tale here?

I couldn't see that coming.But look, I think, let me take that a couple of ways and then you have a follow -up.First is, it is a very ambitious plan begun 2016, 2017, thereabouts, shortly after the Crown Prince became Prime Minister.Three pillars.Vibrant society, important pillar.And it goes partly to the previous questions.

And some of the transformation is part of that.And I would suggest to look back at then and now, just in terms of direction.A thriving economy and an ambitious government.What's the record on it?Again, I'm not going to be the final judge, but I would note that this is an economy that, I think with the IMF numbers,came out, I mean, there is a war going on or a conflict has been going on and growth forecast is something like five, five and a half percent for this year.

It's been certainly in the top quartile consistently over the course of that plan.So some things are going right and the oil price has been bouncing around during that period of time.You're seeing government revenues, they've probably gone from 75%, 80 % from hydrocarbons to, let's say, just above 50%.So those are big shifts in a little over a decade.New sectors, mining sector, tourism.There's a figure, and again, I'm not the Saudi expert, but it's orders of magnitude of 10 million tourists to 150 million tourists.

That's a pretty big shift that comes with it.So a lot going right.What are some of the, but to go to your, so a lot is going right, not everything's going right.You got a big ambitious plan, you got multiple aspects to, not everything's gonna go right.So what are some of the lessons?One is, you know.

Track what you're trying to accomplish.Have KPIs, key performance indicators.Make course corrections when necessary.Cut your losses if something isn't working.That's always a good advice, or stop that.Borrow from others where you can.

Partner where you can.And this is one of the big lessons.I mean, I know it sounds repetitive.I talk about partnerships a lot, but partnerships are incredibly valuable because you spread your risk, you get more resources, you get more expertise and technology, and that's another element.And I think what I see here, and this is part of the opportunity for some Canadian firms, we saw some of that at the business forum just an hour or so ago, is that Saudi is moving into a phase where they want more partnership, they want more inbound investment.and that element and that creates opportunity.

So for Canada, let's give the example of Canada and then I'll hand back where, and I'll just give one example.We have a lot of capital in Canada, right?Do we need foreign capital necessarily?Well, We need foreign capital because it brings some expertise.We need foreign capital because it brings perspective and experiences, gets broader linkages for our firms.And that helps our plan, which is not as ambitious as Vision 2030, but is ambitious, is generationally ambitious in that.

So yes, there definitely are some lessons, but I would give the transformation that's underway here.a lot of credit maybe than the preamble your question implied.

On that question of attracting investment, you confirmed by hunch that the Saudis will be at your investment summit in September.

Yes.

Prime Minister Trudeau had an investment summit in Toronto in 2016 -2017.There's no government that's not trying to attract private investment.You advised the current Labour government in the UK two years ago on how to set up a national wealth fund.Everyone's looking for investment.How do you hope to do better?

OK. I can't give you the pitch.One, look, yes, the PIF, the Saudi Assam Wealth Fund, confirmed to us today that they will be at the investment summit.We very much welcome that.And the scale of RSVPs is such that there'd be very broad and deep representation at that summit, which is great.So part is getting people and the decision makers to be there, no disrespect.to others, but you need the decision -makers there.

The second is you have to be doing things differently.I mean, if you're a candidate, you have to improve.There are very few people who get up in the morning and think about Canada.I mean, that's the reality.And so making the country more attractive for investment, upping our ambition, the transformation, Being with Canada means being with the rest of the world.So our trade agenda, and maybe I'm worried, I'm sorry, I'm going on, but we have free trade agreements with 1 .5 billion consumers, if I can put it that way.

We're gonna double that this year.That makes Canada very attractive as not just a destination, but also a hub.And so that's also what brings it in.And then I guess the last point I'd make is, after that last point, the last point I'd make is that we have a pretty clear strategy of where we want to go.We're trying to make the country, I think we will do this, more resilient more independent, more strategically autonomous, so I use that.So there's areas where we have strengths.

Energy is a clear one.And we can sort of go it alone on energy.There's areas where we can build.We have complementary strengths.Space, AI, two examples where we can do that.Critical minerals, you need the full chain, so you develop that in those ways.

And so that also helps success because people are coming And realizing, OK, you have a strategy.This isn't just flavor of the month.It's something you're going to build out over time.You've got a big market.You've got rule of law.You've got smart people.

You've got an ambitious country.And you're connected to the world.Those are components.that can bring success, but you also have to execute, which was your first question.Thanks.

Next question.

Hi, Thomas Hill from Bloomberg.Based on your discussions today, what Canadian sectors and assets would you envision Saudi investors and businesses investing in, and what did they particularly express interests in?

There's a broad range and I would say that these interests go in both directions.But certainly in energy, there's interest in energy and that's the full range in terms of commercial partnerships from LNG through to renewable and the nuclear end of the spectrum.The mining, there's a strong interest in mining.That's more inbound here, given the ambitions that are there.Conventional infrastructure, more broadly, is there as well.And look, this is not a, well, you see it in some of the agreements today.

Niagara University, as an example, Niagara College, there is great interest in building those educational ties.Final, elements of AI.There's very ambitious building the AI stack here, but when you move up into the agentic layer and beyond, there's very strong interest.Is that your follow -up?

Are there any areas of collaboration or investment that you would have reservations about?Like you've outlined with China, there are areas that are you're comfortable with and areas that you're less comfortable with.Is that the case?

I think I'll give you the example of where I'm going to give you a counter example where Saudi Arabia, Canada, the G7, Australia,Korea, we all have very strong interests in building out critical minerals and rare earths, because that will diversify for the world, and that will make the world more resilient, stronger.It's in our own interests.And that's an area where that is absolutely a ring fence for China in Canada, because that would just be reinforcing the very real risk that exists today.

Last question.

Hi, Prime Minister.McKenzie Gray with Global News.You've been spending a lot of time with Donald Trump.You had a long conversation with him on the phone at NATO.Big thumbs up.The cameras caught you doing that.

One thing we've heard from the Americans is that if there's going to be a breakthrough on trade, it needs to happen at the leaders level.So do you think you've made any progress with the president when it comes to trade?

I'll keep you posted.

On boarding out a bridge, the U .S.ambassador has said that there are two issues the Americans have, control of the bridge and tolls.They want more money sooner.

Are you willing to renegotiate the current agreement to make sure the bridge opens?further out of reach now that President Trump says further talks are a waste of time?

The first thing is that I was pleased to see that Canada remains the second strongest, according to the IMS forecast, the second fastest growing economy in the G7.And that also points to part of the answerthe question and the strategy.One of the discussions that the Crown Prince, His Royal Highness the Crown Prince and I had at some length, but also I picked up from other discussions, was the importance, and we're doing the same, you know, we talk about What we can control and what we can control, let's focus on what we can control.What we can control first and foremost in Canada is what we're doing within our borders.What we're building, how we build together, how we make sure we're building for all, all of those aspects.

The recognition and addressing the very real pressures that Canadians face in terms of affordability, that we can control.We can highly influence but not control our partnerships abroad, right?We can go out and we build out those partnerships.The payoff, the domestic, what we can control is building a stronger Canada.This is supplementing it, builds out over time.And the economies that focus on what they can control are going to do better regardless of what happens, not that it's unimportant, but what happens miles away from here.

I would say with respect to your second question, second part of your question, The 60 -day MOU was always a framework for more talks.As in any framework, there's ambiguities in that framework.Those ambiguities may be part of the challenges that we're experiencing, particularly about free passage in the Strait of Hormuz.I mean, a fundamental red line, I think, for the world, but also for the United States and for obvious reasons.Is a longer -term, a prolonged cessation of hostilities possible, even withcurrent events, yes, yeah, it's possible.

And that's certainly one of the scenarios that we can see.Whether that's a formalized ceasefire certainly remains to be seen.But there are other risks, as I said, I think it was yesterday, certainly holds today, that it's a very fragile, tense situation.And one of the key determinants of the path of that situation, which matters for the world, which matters for Canadians, because it's a knock -on effect on food and energy prices and other elements, a knock -on effect.One of the key influencers is the Kingdom of Saudi Arabia, which is one of the reasons why we're here, talking to them.not sitting in front of a lecture, lecturing them.

My follow -up is, what went through your mind when you opened the gift from President Erdogan?

I never saw it.I would like to reassure Canadians, they keep guns away from me.So I never saw it.I learned about it from, I think it was Prime Minister Starmer, but we were We were having a conversation, a few of us, and he pointed out to me that he'd received this.It had his name on it.And so I learned about it.

And then, of course, my colleagues told me, yeah, we had this.And it's not what I expected.It struck me that my gift of maple syrup kind of undermatched whatever it was, .357 caliber or whatever.But the next thing that went through my mind was, okay, this is something thatthe war museum or the CAF, you know, a CAF museum or something like that where it's, you know, it's interesting and it relates to NATO and the bigger picture of that.And so what's happened is, you know, It's with the RCMP.

It's been decommissioned because it's not a legal firearm in Canada.And I certainly don't have a license for it.So it's been decommissioned.And we're going to find the best home for it in something like I just described.But yes, it was not what I expected.

Thank you very much.