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Speaker 1: Some timey conversations going into the G twenty four. You

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Speaker 1: happening right now live in Singapore, Canadian Prime minists that

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Speaker 1: justin trudeaut speaking in a Bloomberg New Economy series at

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Speaker 1: an exclusive interview with Eric Shatska.

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Speaker 2: Let's take a listen, mister Prime Minister.

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Speaker 3: Let me just reiterate how delighted we are to have

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Speaker 3: you here, not just on Bloomberg property, but here in

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Speaker 3: Singapore on your way from the Aussion summits to the

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Speaker 3: G twenty So with that in mind, let me begin

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Speaker 3: with this question. The Indo Pacific was already a complex

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Speaker 3: place when you began your first term as Prime Minister

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Speaker 3: in twenty fifteen. Today it seems more demanding in every

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Speaker 3: possible way geopolitics, trade, energy, climate security. How much harder

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Speaker 3: do you find it now navigating the conditions in this region.

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Speaker 4: This region, as you say, has always been complex. One

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Speaker 4: of the things that is helpful to Canada and navigating

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Speaker 4: the complexities here is that we have significantly increased our presence,

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Speaker 4: our focus, our attention, our engagement in the region. Over

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Speaker 4: the past years. We've been developing and launched last year

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Speaker 4: our Into Pacific strategy that looks at all those various

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Speaker 4: axes as places we need to advance, whether it's increasing

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Speaker 4: our diplomatic presence, whether it's increasing our economic and investment

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Speaker 4: presence and partnerships, particularly around infrastructure, whether it's stepping up

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Speaker 4: on climate.

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Speaker 2: Change with its clean energy solutions, whether it's stepping up

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Speaker 2: on security as well.

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Speaker 4: As I was at the Assayan conference yesterday, a couple

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Speaker 4: of leaders in our bilaterals highlighted how pleased they were

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Speaker 4: that Canada had military frigates sailing through both the South

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Speaker 4: China see Taiwan Straits on its way to continue ship

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Speaker 4: to ship inntradiction with Operation Neon around around North Korea.

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Speaker 4: So we are very aware of the complexities here, but

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Speaker 4: we also know, and this was one of the things

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Speaker 4: that was highlighted yesterday in my essay on Conversations, the

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Speaker 4: concerns of countries here are connected to and not dissimilar

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Speaker 4: from the concerns that we're facing at home, and being

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Speaker 4: able to work on global issues together is one of

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Speaker 4: the only ways we're going to be able.

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Speaker 2: To solve them.

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Speaker 3: You have many priorities in this region, several of them

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Speaker 3: are well articulated, and you're into Pacific strategy what's at

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Speaker 3: the top of the list right.

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Speaker 4: Now, top of the list benefits for Canadians in jobs

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Speaker 4: and opportunities in connections. Many of my conversations today were

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Speaker 4: about and with investors and companies that are looking to

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Speaker 4: do more in Canada as this region is looking to

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Speaker 4: versify and understanding that the stability, the prosperity, the opportunities

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Speaker 4: in Canada, which is oft overlooked, really give opportunities for investment.

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Speaker 4: The flip side is making the case to Canadians that

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Speaker 4: greater engagement in this part of the world where the

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Speaker 4: economies are growing fast and the opportunities are real, is

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Speaker 4: going to be benefiting as well. So I'm unabashed progressive,

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Speaker 4: but I know that making sure that people are confident

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Speaker 4: about their finances and their future and their kids' future

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Speaker 4: is at the heart of building societies that are not

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Speaker 4: run or overrun by anxieties and fears, which we've seen

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Speaker 4: the consequences elsewhere around the world and Canada has so

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Speaker 4: far been able to avoid.

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Speaker 3: That is a good and appropriate answer for a Canadian

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Speaker 3: Prime minister. How is probably the appropriate follow up question

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Speaker 3: if there's one thing you need to do to achieve

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Speaker 3: that objective? Here specifically, and I would like to get

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Speaker 3: into specifics what is.

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Speaker 4: It, But we're doing it. It's following up on the

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Speaker 4: Endo Pacific strategy. It's making sure that we're showing up,

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Speaker 4: making sure we're engaging directly with leaders, with businesses, with

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Speaker 4: decision makers to make sure that they understand that Canada

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Speaker 4: is not just a source of solutions, but a source

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Speaker 4: of opportunities for them. It is so easy to be

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Speaker 4: aware of opportunities right in front of our noses. But

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Speaker 4: as we've seen through COVID, through climate, through geopolitical instability

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Speaker 4: that are leading to challenges on food security and energy,

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Speaker 4: everything is interconnected and finding partners that are willing to

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Speaker 4: engage in constructive, productive ways. One of the things that

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Speaker 4: Canadians deeply understand is the global economy is not a

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Speaker 4: zero sum game.

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Speaker 2: It is not just possible. It is.

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Speaker 4: Only optimal when everyone gets to draw benefits, whether it's

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Speaker 4: on trade deals, whether it's on business deals. If you're

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Speaker 4: in it for the short term, you can do win loose.

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Speaker 4: But if you want to create stability in a long

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Speaker 4: lasting way, you have to make people understand that we

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Speaker 4: are all deeply invested in each other's success and that's

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Speaker 4: a bit of a shift from some of the ways

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Speaker 4: we've seen the global economy acting over the past decades.

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Speaker 4: But climate and pandemic and the need for more resilient,

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Speaker 4: diversified supply chains is driving that, and being there to

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Speaker 4: show up and continually make that case is the most

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Speaker 4: important thing that we can do.

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Speaker 3: I can't think of a country in the world that

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Speaker 3: doesn't want to get more out of its relationships in

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Speaker 3: the Indo Pacific region. Which you spoke of partners willing

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Speaker 3: to engage. Which of the partners with whom you spoke

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Speaker 3: I presume in Jakarta and will sub quently speak with

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Speaker 3: in India are most willing to engage. Which countries are

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Speaker 3: stepping up.

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Speaker 4: I'm biased right now because I just came from Indonesia,

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Speaker 4: but my conversations with President Widodo, with whom will be

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Speaker 4: hopefully but very much on track to sign a free

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Speaker 4: trade deal within the next twelve months as a precursor

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Speaker 4: to the free trade agreement that we're going to be

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Speaker 4: signing with Essay on hopefully the year after. It's a

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Speaker 4: lot for Mary to deliver on, but we're going to

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Speaker 4: be able to do it because Canada has figured out

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Speaker 4: even this era of protectionism, how to get free trade

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Speaker 4: deals done. And the key to that is and it's

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Speaker 4: certainly something that President Widodo understood and understands. Trade, as

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Speaker 4: you all know, creates growth, but it doesn't inherently make

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Speaker 4: sure that that growth reaches everyone within communities and societies,

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Speaker 4: and that's up to both policymakers and partners to make

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Speaker 4: sure that people are feeling benefits because it goes to

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Speaker 4: not just economic stability, but political and democratic and community

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Speaker 4: security as well. So that pitch that we've continually made

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Speaker 4: that trade can be about win win, it can be

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Speaker 4: about mutual benefits flies in the face of the narratives

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Speaker 4: that people are worried about around globalization over the past years.

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Speaker 2: That demonstrates that we're able to engage.

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Speaker 4: I'm very bullish on Canada Indonesia right now, but that

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Speaker 4: might just be recency biased.

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Speaker 3: Mister Prime Minister, how would you characterize Canada's relationship with China.

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Speaker 4: Obviously we've had a challenging few years as many people

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Speaker 4: had The arbitrary detention of two Canadians for political reasons

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Speaker 4: put a real chill on the relationship. But China is

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Speaker 4: one of the most important economies in the world and

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Speaker 4: is not a country that anyone can simply ignore. We

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Speaker 4: have to be eyes wide open as we engage. We

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Speaker 4: have to look for where we're going to compete, where

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Speaker 4: we're going to be very clear and contest based on

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Speaker 4: our values, based on principles that Canadians expect us to

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Speaker 4: adhere to. But we also need to look at where

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Speaker 4: we actually can cooperate and work together. And one of

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Speaker 4: the examples of that happened just last December where Montreal

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Speaker 4: hosted the Chinese COP fifteen on biodiversity. So Canada and

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Speaker 4: China worked together to make sure that we came out

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Speaker 4: of that COP fifteen on nature with incredibly ambitious targets

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Speaker 4: of protecting thirty percent of the oceans and land on

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Speaker 4: the planet by twenty thirty. That required us to work

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Speaker 4: together and constructively, and on issues like climate, we are

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Speaker 4: going to have to make sure we're working together.

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Speaker 3: So would you say the relationship is improving, stable, or deteriorating.

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Speaker 4: I would say it's probably probably stable. There's certainly lots

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Speaker 4: of room for improvement. It's not deteriorating right now, but

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Speaker 4: it is it is not gotten as much better as

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Speaker 4: perhaps we would have liked to after the after the

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Speaker 4: micro situation was resolved. Partially because there are real concerns

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Speaker 4: around foreign interference that we're dealing.

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Speaker 3: With, most of Canada's allies are distancing themselves in one

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Speaker 3: way or another from China. Would you if you could

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Speaker 3: take a different path forging closer ties and better access

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Speaker 3: to Chinese markets for Canadian companies, for investors, for Canadian

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Speaker 3: exporters and farmers.

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Speaker 2: You know, it's interesting because.

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Speaker 4: The way it's always been framed for our allies, whether

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Speaker 4: it's in Europe or elsewhere, is the desire of access

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Speaker 4: to markets, particularly.

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Speaker 2: The growing and.

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Speaker 4: Engaged Chinese middle class that represents a tremendous benefit for us.

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Speaker 4: And over the past many years, there's been lots of

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Speaker 4: friendly and sometimes less than friendly competition between allied countries,

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Speaker 4: whether it's you know, Canada.

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Speaker 2: Versus the US, versus Australia versus Europe.

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Speaker 4: For oah, can we get more beef in to China?

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Speaker 4: We get more poor can China has been very thoughtful

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Speaker 4: about making sure that they just, would you know, play

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Speaker 4: us off each other just a little bit in strategic ways.

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Speaker 4: That has been very effective, so for me and certainly

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Speaker 4: for the G seven. As we've had conversations around this,

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Speaker 4: the understanding that we cannot simply be trying to elbow

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Speaker 4: each other out of the way for access to the

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Speaker 4: Chinese market, but we need to be more thoughtful and

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Speaker 4: concerned in how we move forward. Nuanced in our approaches

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Speaker 4: is really the only way to go. I don't think

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Speaker 4: the idea of crossing our arms and turning our backs

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Speaker 4: on any part of the world is something that is

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Speaker 4: good for the Canadian economy or Canadian people, But not

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Speaker 4: being naive, being very deliberate about how we do it,

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Speaker 4: and working in concert with our friends and allies is

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Speaker 4: the right way to do it.

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Speaker 3: You mentioned the chill that's settled onto the Canadian Chinese

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Speaker 3: relationship after the case of the two Michaels. As it's known.

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Speaker 3: You've also made reference to interference in Canadian democracy. Is

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Speaker 3: there political space in Canada for raproschmall with China?

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Speaker 4: Certainly not at this particular moment. China has made decisions

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Speaker 4: over the past years that have made it more difficult

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Speaker 4: not just for Canada but for other countries to engage

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Speaker 4: in ways. I will admit in twenty fifteen the conversations

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Speaker 4: we had was about working towards a free trade deal

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Speaker 4: with China working towards those sorts of things, but in

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Speaker 4: real terms, the choices and the actions of China have made.

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Speaker 2: That more difficult.

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Speaker 4: But like I said, we will continue to look for

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Speaker 4: ways to engage constructively in ways of mutual benefit and

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Speaker 4: try and rebuild a positive relationship in the interest of Canadians.

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Speaker 2: But we're not going to be naive about it.

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Speaker 3: By all accounts, mister Prime Minister, the interference in Canadian

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Speaker 3: democracy was worse than similar efforts by China in the

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Speaker 3: UK and in Australia. You appointed a special rapporteur to investigate.

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Speaker 3: So far, however, your government has either been reluctant or

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Speaker 3: slow to pass a foreign agent registry law.

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Speaker 2: How come.

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Speaker 4: This is a complex issue with no easy answers, and

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Speaker 4: a lot of people have glommed on too. Oh if

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Speaker 4: we get a foreign agent registry, suddenly everything will be

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Speaker 4: simply simpler and easy to do. It hasn't solved everything

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Speaker 4: in any place that's been brought in. It's an important

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Speaker 4: tool and we're absolutely looking at it. But there are stories,

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Speaker 4: There are moments of our history where you know, creating

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Speaker 4: registers of foreigners in a given country or in Canada

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Speaker 4: even has led to less than optimal outcomes, and we

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Speaker 4: just need to be careful about those sorts of things.

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Speaker 4: But one of the things that we have done since

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Speaker 4: twenty fifteen, particularly having watched the twenty sixteen election in

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Speaker 4: the United States the twenty seventeen provincial presidential election in France,

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Speaker 4: is we stood up before twenty nineteen and twenty twenty

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Speaker 4: one elections a monitoring panel of top security agencies and

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Speaker 4: civil servants to make sure there was no interference in

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Speaker 4: our elections.

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Speaker 2: We've moved forward.

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Speaker 4: On oversight over all our national security bodies and actions

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Speaker 4: by parliamentarians. We've taken significant steps to counter and discern interference,

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Speaker 4: including not just interference in our democratic institutions, but in business,

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Speaker 4: in our academic universe, and not just from China but

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Speaker 4: from a range of countries. And that's going to continue

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Speaker 4: to be something that we work.

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Speaker 3: If I may follow up on that point, a foreign

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Speaker 3: agent registry seems like a simple and appropriate response to

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Speaker 3: political interference by another country, and it's just.

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Speaker 2: A way for the.

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Speaker 3: Government and Canadians by extension, to know what lobbyists on

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Speaker 3: behalf of other countries are doing in Canada. It's not

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Speaker 3: a tax on foreigners, and it's not an internment policy.

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Speaker 2: So why not would it applied to Americans.

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Speaker 3: If they were lobbying on behalf of a foreign government?

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Speaker 2: Would it not?

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Speaker 3: I don't know.

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Speaker 4: Well, these are the kinds of questions we do have

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Speaker 4: to know before we actually move forward on it, and

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Speaker 4: that's why we're taking seriously and looking at it as

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Speaker 4: it moves.

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Speaker 3: The United States has had such a practice in place

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Speaker 3: since nineteen thirty eight. Australia put one in place following it's.

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Speaker 2: Episode shows.

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Speaker 4: Yet both of those countries continue to have foreign interference

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Speaker 4: on an ongoing basis.

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Speaker 3: Oh, it's not to suggest that foreign interference is going

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Speaker 3: to go away, but it does give you a better

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Speaker 3: idea of what's going on under the hood.

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Speaker 4: No, it's one tool, assuming that everyone declares themselves and

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Speaker 4: signs up for that registry. We're not going to get

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Speaker 4: into policy debates over this right now, but as I said,

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Speaker 4: it's something that we are looking at, something we're consulting on,

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Speaker 4: something we're planning on moving forward with.

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Speaker 3: So at what point do you figure as soon as

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Speaker 3: soon as never say soon.

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Speaker 2: There reg.

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Speaker 4: But journalists that expect me to make major policy announcements

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Speaker 4: on the other side of the world at six o'clock

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Speaker 4: in the morning back.

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Speaker 2: Home, perhaps going to be disappointed.

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Speaker 3: People are glued to their televisions.

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Speaker 2: I'm sure they are, mister Prime Minister.

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Speaker 3: One of the five goals of your government's Into Pacific

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Speaker 3: strategy is expanding trade, investment and supply chain resilience. The problem,

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Speaker 3: of course, is that China is overwhelmingly Canada's biggest trading

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Speaker 3: partner in this region, some five times larger than India.

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Speaker 3: How realistic is it for Canada, or any other country

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Speaker 3: for that matter, to materially diversify its trading relationships in

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Speaker 3: the short run when China remains so dominant.

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Speaker 4: You could ask that question about Canada regarding another country.

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Speaker 4: Eighty percent of our trade is with the United States,

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Speaker 4: if not even more. It is the fact of how

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Speaker 4: our economy works, and we work extremely well with the Americans.

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Speaker 2: But we are also looking to diversify.

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Speaker 4: It's a constant, constant push to be able to make

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Speaker 4: sure that we're creating more resilient relationships around the world.

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Speaker 4: That doesn't mean we're not going to be trading with

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Speaker 4: the United States.

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Speaker 2: Too a very large degree.

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Speaker 4: It certainly doesn't mean we're not going to be trading

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Speaker 4: with China.

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Speaker 2: To a very large degree.

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Speaker 4: But in part of the learning we all made through

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Speaker 4: COVID is that the emphasis we had on maximizing the

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Speaker 4: efficiency of our supply chains, though just in time delivery,

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Speaker 4: everything working down to the minute to make it as

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Speaker 4: efficient as possible, left us with a real dearth of

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Speaker 4: resiliency and making sure that as we look at trading partners,

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Speaker 4: as we look at supply chains, we have redundancy, diversity

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Speaker 4: and resilience in our supply chains is essential. One of

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Speaker 4: the best and easiest ways to do that is to

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Speaker 4: make sure that we do have different partners that we

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Speaker 4: have strong relationships and opportunities to grow with.

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Speaker 3: If eighty percent with a single trading partner in the

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Speaker 3: case of the United States is and I'm inferring here

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Speaker 3: too much, what is appropriate?

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Speaker 4: What day or what year are you talking about? It

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Speaker 4: will be constantly re evaluate and objective.

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Speaker 2: Let's put it that way.

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Speaker 4: An objective is to make sure that we have a

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Speaker 4: strong economy that is able to withstand a downturn in

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Speaker 4: one of our trading partners without instantly downturning ourselves. Probably

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Speaker 4: a challenge with the United States, where we are alert

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Speaker 4: to every twitch and grunt of the elephant beside us,

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Speaker 4: as my father once spoke of to Congress.

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Speaker 2: But being being able to.

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Speaker 4: Have a.

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Speaker 2: Reliance on more than just one.

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Speaker 4: Partner is wise from a business perspective and wise from

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Speaker 4: a political perspective.

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Speaker 3: Where has or, let me put it differently, which countries

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Speaker 3: in this part of the world with which you want

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Speaker 3: to grow Canada's trading relationship have been most receptive thus.

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Speaker 4: Far Indonesia, Vietnam, Philippines, Singapore, where we're establishing a gateway

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Speaker 4: to the entire region focus here because that's a natural

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Speaker 4: role here. There has been a just a tremendously positive

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Speaker 4: reception from across the region because of historical ties, because

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Speaker 4: of diaspora reasons, but also because people are looking at

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Speaker 4: some of the challenges of the large geopolitical players and saying,

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Speaker 4: you know, hedging our bets with a country that maybe

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Speaker 4: is slightly smaller but reliable and.

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Speaker 2: Proximate to other places is useful.

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Speaker 3: Another of the five goals in the New Pacific Strategy

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Speaker 3: is enhancing security. Australia, the UK, India, Japan, and Korea

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Speaker 3: have all partnered with the United States in security alliances

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Speaker 3: covering the Indo Pacific one on Canada.

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Speaker 4: We have one of the strongest security alliances in the world,

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Speaker 4: with the United States already in norat We are the

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Speaker 4: only two countries who do not solely control their own

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Speaker 4: homeland security their own territorial security. It is a joint

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Speaker 4: shared responsibility between Canada and the United States.

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Speaker 2: We both protect our territories.

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Speaker 4: That's a unique security arrangement that extends to other parts

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Speaker 4: of the world, and we are closely aligned in everything

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Speaker 4: we do here in the Pacific, including, as I mentioned,

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Speaker 4: our increased presence of military year.

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Speaker 3: But would it not be of benefit to Canada as

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Speaker 3: it clearly seems to be to the UK or the

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Speaker 3: Australians to pick two or the Koreans or the Japanese

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Speaker 3: to formalize a relationship with your allies in the region.

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Speaker 2: But we have.

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Speaker 4: We've signed security partnerships with Japan, with Korea, with other

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Speaker 4: countries in the region.

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Speaker 2: So we are engaging, working closely with Australia as a

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Speaker 2: five ICE partner.

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Speaker 4: We will continue to work in multiple ways, in multiple layers,

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Speaker 4: fully engaged in the region.

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Speaker 3: Do you share the concerns that those countries clearly have

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Speaker 3: over Chinese expansionism?

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Speaker 2: In the future of Taiwan.

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Speaker 4: Yes, that's one of the reasons why we're part of

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Speaker 4: the maritime passages through the Taiwan Strait.

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Speaker 3: The US has spearheaded a multinational effort to ban exports

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Speaker 3: of semiconductor technology. Do you accept rationale for that policy,

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Speaker 3: namely that China was misusing such technology for military purposes?

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Speaker 3: Or does China have a point when it accuses the

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Speaker 3: United States of trying to throttle its economy.

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Speaker 2: I think one of the things that.

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Speaker 4: I heard a lot from people here in the Asian

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Speaker 4: economies in Southeast Asia.

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Speaker 2: Is a desire to make sure that we're not.

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Speaker 4: We're not exacerbating differences between various economic giants. Canada is

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Speaker 4: closely allied with the United States and always will be,

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Speaker 4: and we will work together on shared security and our values.

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Speaker 4: At the same time, we'll make our own decisions about

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Speaker 4: how we move forward in ways that makes sense to us.

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Speaker 4: One of the ways that makes sense is for us

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Speaker 4: to be working as part of the semiconductor supply chains

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Speaker 4: in North America. We're establishing a real role for Canada

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Speaker 4: in that universe. As there are decisions made to diversify,

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Speaker 4: but you can make decisions to diversify without turning it

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Speaker 4: into geopolitical conflict, and that's certain what we're doing.

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Speaker 3: Am I to understand by what you just said that

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Speaker 3: in your mind, the United States, with the support of

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Speaker 3: the Netherlands and Japan, may be going too far.

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Speaker 2: It's not what I said. I actually avoided answering the question.

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Speaker 3: So I'll ask you point blank, are they going too far?

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Speaker 2: And I will continue to avoid that.

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Speaker 3: Canada has been called up repeatedly for failing to meet

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Speaker 3: the target for defense spending two percent of GDP that

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Speaker 3: all NATO members at the time agreed to meet in

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Speaker 3: twenty fourteen. According to a Pentagon document attend earlier this

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Speaker 3: year by The Washington Post, you privately told NATO members

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Speaker 3: that Canada will never meet the two percent target.

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Speaker 2: Is that what you said?

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Speaker 4: I talked repeatedly about the challenges that we have with

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Speaker 4: a growing economy, that we will continue investing as we

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Speaker 4: have in historic levels in our defense. We recently are

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Speaker 4: purchasing eighty eight F thirty five fighter jets. It was

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Speaker 4: under a previous Conservative government that percentage of spending on

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Speaker 4: defense dipped below one percent. We have consistently been increasing

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Speaker 4: it even as our economy is growing, but we've always

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Speaker 4: contested that simple math doesn't accurately reflect the capacities and

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Speaker 4: the capabilities and the contributions that Canada has made.

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Speaker 2: It.

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Speaker 4: We are the sixth largest contributor in terms of NATO.

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Speaker 4: We have been there for every single mission. We have

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Speaker 4: announced massive NATO nora AD modernization recently, and we will

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Speaker 4: continue to step up in a world where security and

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Speaker 4: defense is unfortunately more important.

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Speaker 2: Now than it has been in a long time.

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Speaker 4: So we will continue to have these conversations with our

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Speaker 4: partners and allies and NATO. We will continue to be

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Speaker 4: there showing up, and we will continue to increase our spending.

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Speaker 3: They want you to spend two percent of GDP. I'll

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Speaker 3: repeat the question, and you answered it to a degree.

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Speaker 3: You spoke to them about the challenges economic, perhaps in

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Speaker 3: some respects, cultural, perhaps in other respects. Did that amount

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Speaker 3: to never meeting the two.

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Speaker 2: Percent target Canada.

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Speaker 4: Canada will continue to invest more in defense. We will

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Speaker 4: continue to make sure we're there and we show up

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Speaker 4: and we're part of the important role we have protecting

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Speaker 4: democracies around the world. We also know there's lots of

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Speaker 4: things we need to do to protect democracies and not

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Speaker 4: all of them involves more soldiers.

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Speaker 3: Well, if Canada's economy continues to grow, then yes, on

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Speaker 3: a percentage basis, you will spend more on defense. But

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Speaker 3: people do want to know, mister Prime Minister, why with

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Speaker 3: war raging in Ukraine, no end in sight to Russian aggression,

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Speaker 3: with China vowing to retake Taiwan, with sovereignty in the

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Speaker 3: Arctic at risk, would Canada not want to meet that

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Speaker 3: commitment now?

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Speaker 4: Well, you've started by mentioning Ukraine. For example, Canada has

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Speaker 4: been one of the most generous supporters of the war

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Speaker 4: Ukraine of Ukraine over the past years. Over the past year,

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Speaker 4: we have invested billions of dollars in strengthening Ukraine's economy,

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Speaker 4: in ensuring that they can continue to keep the lights on,

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Speaker 4: ensuring that we've sent military supports, humanitarian supports, that we're

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Speaker 4: welcoming in refugees and people who are fleeing from the

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Speaker 4: war while their husbands and brothers are fighting. None of

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Speaker 4: those efforts count within that two percent target.

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Speaker 2: For example, we will.

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Speaker 4: Continue to step up in real and meaningful ways across

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Speaker 4: the spectrum as needed. That's what Canadians expect and that's

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Speaker 4: what we're going to continue to do.

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Speaker 3: You know, there's a reason, of course, that I've been

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Speaker 3: pressing in this issue. It's a sore spot with many Canadians.

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Speaker 3: It's certainly a sore spot with the Unstoltenberg, the Secretary

439
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Speaker 3: General of NATO. It's a sore spot with the Americans,

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Speaker 3: with the Germans, with other members of NATO.

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Speaker 4: You're going to tell me it's a source spot with

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Speaker 4: many Canadians.

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Speaker 3: Well, I do believe it is a source spot Canadian.

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Speaker 4: I'm an opposition leader who is committed to meet the

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Speaker 4: two percent.

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Speaker 3: No, but the opposition leader doesn't necessarily represent the interests

447
00:28:17,920 --> 00:28:19,200
Speaker 3: and desires of all Canadians.

448
00:28:20,440 --> 00:28:24,760
Speaker 4: Any opposition leader, any party, any political party in.

449
00:28:24,640 --> 00:28:26,679
Speaker 2: Canada that is committed to meet that two percent.

450
00:28:27,480 --> 00:28:31,639
Speaker 3: Why is it relevant whether mister Poliev or anyone else

451
00:28:31,840 --> 00:28:34,520
Speaker 3: in a position of political leadership in Canada should have

452
00:28:34,640 --> 00:28:37,639
Speaker 3: or should not have committed to meeting the two percent target.

453
00:28:38,880 --> 00:28:42,640
Speaker 4: Well, you you framed it as something that Canadians are

454
00:28:42,720 --> 00:28:43,720
Speaker 4: are also.

455
00:28:43,440 --> 00:28:45,400
Speaker 3: Framed it in terms of the Americans, in terms of

456
00:28:45,480 --> 00:28:49,960
Speaker 3: NATO leadership, in terms of the Germans, for example, the Polls,

457
00:28:51,000 --> 00:28:53,600
Speaker 3: the Finns and the Swedes who are just joining NATO

458
00:28:54,040 --> 00:28:56,960
Speaker 3: who are all stepping up in very meaningful ways, well

459
00:28:56,960 --> 00:29:00,400
Speaker 3: over and above, not all, but that two percent target.

460
00:29:00,640 --> 00:29:01,320
Speaker 2: They want to know.

461
00:29:01,720 --> 00:29:05,800
Speaker 4: We are continuing to step up. We are continuing to

462
00:29:05,920 --> 00:29:09,160
Speaker 4: invest more than ever before in defense. We are on

463
00:29:09,280 --> 00:29:14,160
Speaker 4: track to reach a larger degree of spending than we've

464
00:29:14,200 --> 00:29:15,880
Speaker 4: had before, and we're going to continue to do that.

465
00:29:16,160 --> 00:29:18,040
Speaker 2: That's what people expect from Canada, and we're going to

466
00:29:18,040 --> 00:29:18,800
Speaker 2: continue to do it.

467
00:29:19,880 --> 00:29:23,480
Speaker 3: We are, mister Prime Minister, suddenly living in a world

468
00:29:23,560 --> 00:29:29,240
Speaker 3: of economic state craft. Instead of the consensus on free

469
00:29:29,240 --> 00:29:33,280
Speaker 3: trade and efficiency that shape the global economy for at

470
00:29:33,400 --> 00:29:37,120
Speaker 3: least a couple of decades, the new mantra is investing

471
00:29:37,200 --> 00:29:42,120
Speaker 3: tax dollars in strategic technologies and strategic industries.

472
00:29:43,080 --> 00:29:47,640
Speaker 2: Is this smart policy? Do you believe in it?

473
00:29:48,240 --> 00:29:52,240
Speaker 4: Yes, to a certain extent and in the right context.

474
00:29:52,800 --> 00:30:00,000
Speaker 4: We over the past number of years we made deliberate

475
00:30:00,880 --> 00:30:04,280
Speaker 4: and clear policy choices as a government to invest in

476
00:30:04,680 --> 00:30:10,760
Speaker 4: clean tech, in green transformation of our economies, in better

477
00:30:10,880 --> 00:30:14,080
Speaker 4: energy sources, while at the same time, our closest trading

478
00:30:14,120 --> 00:30:17,680
Speaker 4: partner went through a four year stretch where investment in

479
00:30:17,800 --> 00:30:21,880
Speaker 4: green or fighting climate change was simply not a priority.

480
00:30:22,400 --> 00:30:23,880
Speaker 2: So President Biden.

481
00:30:24,280 --> 00:30:28,120
Speaker 4: Has stepped up with a massive inflation reduction app that

482
00:30:28,760 --> 00:30:31,520
Speaker 4: is all about trying to catch up to where other

483
00:30:31,560 --> 00:30:35,120
Speaker 4: countries like Canada have been moving over the past. While

484
00:30:36,160 --> 00:30:42,680
Speaker 4: the IRA is an important tool for boosting our capacity

485
00:30:42,720 --> 00:30:45,320
Speaker 4: to meet the needs of a net zero world, and

486
00:30:45,480 --> 00:30:51,360
Speaker 4: Canada is serious and committed to being part of that

487
00:30:51,440 --> 00:30:54,800
Speaker 4: net zero transition. And yes, we do have to put

488
00:30:54,920 --> 00:30:58,400
Speaker 4: money on the table to bring in companies like Volkswagon,

489
00:30:58,840 --> 00:31:01,720
Speaker 4: but even as we do that, we know that the

490
00:31:01,760 --> 00:31:05,479
Speaker 4: economic growth that comes from that, the benefits will accrue

491
00:31:05,520 --> 00:31:08,640
Speaker 4: the Canadians in less than five years. At the same

492
00:31:08,720 --> 00:31:11,760
Speaker 4: time as we are going to be leading on battery

493
00:31:11,800 --> 00:31:14,160
Speaker 4: supply chains. We went from sixth in the world to

494
00:31:14,240 --> 00:31:16,760
Speaker 4: battery supply chain in battery supply chains a few years

495
00:31:16,760 --> 00:31:19,840
Speaker 4: ago to now being second in the world in battery

496
00:31:19,880 --> 00:31:22,200
Speaker 4: supply chains, and we're continuing to grow on that. And

497
00:31:22,200 --> 00:31:27,000
Speaker 4: that does take an industrial policy and investment, but the

498
00:31:27,160 --> 00:31:30,640
Speaker 4: choices to do that when we have the critical minerals needed,

499
00:31:30,680 --> 00:31:34,040
Speaker 4: we have the manufacturing know how in the auto sector,

500
00:31:34,120 --> 00:31:37,560
Speaker 4: we have the trade deals to ensure that we're able

501
00:31:37,600 --> 00:31:39,360
Speaker 4: to get those out to partners.

502
00:31:38,960 --> 00:31:42,120
Speaker 2: And allies around the world. Just makes sense.

503
00:31:42,720 --> 00:31:45,800
Speaker 4: We know if we are going to build that greener

504
00:31:45,880 --> 00:31:47,000
Speaker 4: economy of the future.

505
00:31:47,760 --> 00:31:49,520
Speaker 2: It can't just all rest.

506
00:31:49,240 --> 00:31:53,680
Speaker 4: On individuals trying to save energy in their homes, which

507
00:31:53,720 --> 00:31:58,640
Speaker 4: is an important piece of it, or businesses switching to

508
00:31:58,680 --> 00:32:03,560
Speaker 4: green technologies without governments also taking a leading role in that.

509
00:32:03,720 --> 00:32:05,600
Speaker 2: And that's what we've done as.

510
00:32:05,480 --> 00:32:09,200
Speaker 4: A country, because we know fighting climate change isn't just

511
00:32:09,760 --> 00:32:13,240
Speaker 4: a moral imperative, it's actually an economic opportunity. And over

512
00:32:13,280 --> 00:32:18,640
Speaker 4: the past eight years it has become increasingly clear that

513
00:32:18,640 --> 00:32:22,040
Speaker 4: that's exactly the competitive advantage that Canada has been able

514
00:32:22,080 --> 00:32:24,560
Speaker 4: to build, and other countries are trying to catch up.

515
00:32:25,120 --> 00:32:29,960
Speaker 3: Why isn't Canada competing for arguably the most strategic and

516
00:32:30,040 --> 00:32:36,400
Speaker 3: potentially most valuable industry of all semiconductors. If Arizona, if

517
00:32:36,520 --> 00:32:41,840
Speaker 3: Utah of New York, if Ohio can have a new

518
00:32:41,920 --> 00:32:47,360
Speaker 3: fab built by Intel or Micron or TSMC or Samsung,

519
00:32:48,240 --> 00:32:49,680
Speaker 3: why can't Ontario or Quebec.

520
00:32:51,480 --> 00:32:58,440
Speaker 4: Canada has already the largest semiconductor packaging plant in North

521
00:32:58,480 --> 00:33:02,000
Speaker 4: America in Roman Quebec. And for those known as semi conductors,

522
00:33:02,160 --> 00:33:04,680
Speaker 4: packaging is not just wrapping it in bubble wrap.

523
00:33:05,120 --> 00:33:05,800
Speaker 2: It's okay, you.

524
00:33:05,760 --> 00:33:08,480
Speaker 4: Guys know, it's actually how you assemble the chips so

525
00:33:08,520 --> 00:33:13,920
Speaker 4: they can deliver the functions necessary. It's an important part

526
00:33:13,920 --> 00:33:16,680
Speaker 4: of the semi conductor supply chain, and as we do

527
00:33:16,800 --> 00:33:20,320
Speaker 4: in so many things, as Donald Trump found out when

528
00:33:20,320 --> 00:33:23,040
Speaker 4: he tried to rip up NAFTA, the integration of the

529
00:33:23,040 --> 00:33:27,560
Speaker 4: Canadian and American economy is so deep that we will

530
00:33:27,600 --> 00:33:31,320
Speaker 4: all benefit from investments on both sides of the border

531
00:33:31,680 --> 00:33:33,600
Speaker 4: in semiconductors.

532
00:33:34,360 --> 00:33:37,000
Speaker 3: Your government, mister Prime Minister, has set the world's most

533
00:33:37,040 --> 00:33:41,200
Speaker 3: ambitious targets for immigration. While the rest of the West

534
00:33:41,840 --> 00:33:44,440
Speaker 3: is mostly closing its borders, Canada will welcome some one

535
00:33:44,480 --> 00:33:46,880
Speaker 3: and a half million people from twenty twenty three through

536
00:33:46,880 --> 00:33:51,080
Speaker 3: twenty twenty five. This should be something to celebrate, but

537
00:33:51,200 --> 00:33:55,440
Speaker 3: instead a deep resentment is taking hold in Canada.

538
00:33:55,520 --> 00:33:56,480
Speaker 2: Why.

539
00:33:58,240 --> 00:34:01,480
Speaker 4: Okay, that makes for a good headline, but it's not accurate.

540
00:34:02,440 --> 00:34:07,440
Speaker 4: Canadians remain a place that is more positively inclined towards

541
00:34:07,480 --> 00:34:10,160
Speaker 4: immigration than just about anywhere else in the world. And

542
00:34:10,160 --> 00:34:14,920
Speaker 4: that's because we have been incredibly successful at welcoming and

543
00:34:15,000 --> 00:34:18,640
Speaker 4: integrating people who have then turned around and built families

544
00:34:18,680 --> 00:34:21,880
Speaker 4: and communities and a growing economy for the country. And

545
00:34:22,320 --> 00:34:25,520
Speaker 4: while other parts of the world have turned against immigration.

546
00:34:25,640 --> 00:34:28,480
Speaker 4: We've seen it as a real benefit. Now it doesn't

547
00:34:28,520 --> 00:34:33,080
Speaker 4: mean it's all rosy. We are facing real challenges around housing,

548
00:34:33,680 --> 00:34:37,040
Speaker 4: but it's not just an issue around immigration, because people

549
00:34:37,080 --> 00:34:39,480
Speaker 4: are facing housing challenges everywhere in the world.

550
00:34:40,000 --> 00:34:41,400
Speaker 2: Singapore is facing certain.

551
00:34:41,239 --> 00:34:43,279
Speaker 4: Challenges around housing, is all you know, and it's not

552
00:34:44,120 --> 00:34:49,799
Speaker 4: purely linked to immigration, economic growth, space, zoning, all sorts

553
00:34:49,800 --> 00:34:54,640
Speaker 4: of different things. Our contributed under investments by successive governments

554
00:34:54,680 --> 00:34:57,799
Speaker 4: over the past few decades in Canada has certainly contributed

555
00:34:57,840 --> 00:35:00,480
Speaker 4: to that as well. But the good thing around housing

556
00:35:00,880 --> 00:35:04,240
Speaker 4: is it's a solvable problem. We have solved it before.

557
00:35:04,400 --> 00:35:07,200
Speaker 4: When people return from the end of World War Two,

558
00:35:07,320 --> 00:35:10,000
Speaker 4: when Baby boomers reached the age where they're all trying

559
00:35:10,000 --> 00:35:11,360
Speaker 4: to buy homes and get their own.

560
00:35:11,160 --> 00:35:14,840
Speaker 2: Place, we saw massive construction of housing.

561
00:35:14,520 --> 00:35:18,120
Speaker 4: In Canada, indeed across many of our democracies, and that

562
00:35:18,280 --> 00:35:19,800
Speaker 4: is what we're focused on doing again.

563
00:35:19,880 --> 00:35:22,120
Speaker 2: We will solve this problem by working.

564
00:35:21,800 --> 00:35:24,880
Speaker 4: With all different orders of government, with partners in the

565
00:35:24,880 --> 00:35:28,440
Speaker 4: private sector, with partners in the nonprofit sector to make

566
00:35:28,480 --> 00:35:33,239
Speaker 4: sure that we are addressing and solving this housing challenge.

567
00:35:33,719 --> 00:35:36,120
Speaker 4: We've done many things that have been successful so far.

568
00:35:36,200 --> 00:35:38,400
Speaker 4: There's lots more to do and we will keep doing them.

569
00:35:38,680 --> 00:35:41,799
Speaker 3: Mister Prime Minister, It's not just about housing, although most

570
00:35:41,840 --> 00:35:46,200
Speaker 3: Canadians would say especially housing. It's also jobs, schools, doctors, infrastructure.

571
00:35:46,719 --> 00:35:49,799
Speaker 3: But since you mentioned it, how precisely are you going

572
00:35:49,800 --> 00:35:52,160
Speaker 3: to solve this housing problem? It may be that Canada

573
00:35:52,200 --> 00:35:55,000
Speaker 3: has solved it before, those were different times. You're running

574
00:35:55,000 --> 00:35:59,280
Speaker 3: a fiscal structural fiscal deficit. At the moment, interest rates arising,

575
00:35:59,360 --> 00:36:00,480
Speaker 3: Canada's ring.

576
00:36:00,400 --> 00:36:02,719
Speaker 2: Capacity is tapped out. How are you.

577
00:36:02,760 --> 00:36:04,920
Speaker 3: Going to meet the demand for housing?

578
00:36:06,040 --> 00:36:09,840
Speaker 4: First of all, Canada has the best fiscal position.

579
00:36:09,760 --> 00:36:10,680
Speaker 2: In the G seven.

580
00:36:11,160 --> 00:36:14,800
Speaker 4: We're one of the three largest economies in the world

581
00:36:15,280 --> 00:36:18,200
Speaker 4: that has a triple A credit rating from Moodies and others.

582
00:36:19,480 --> 00:36:21,200
Speaker 2: We are in a very good.

583
00:36:20,960 --> 00:36:23,160
Speaker 4: Position to be able to solve the challenges that are

584
00:36:23,160 --> 00:36:27,080
Speaker 4: coming at us. We certainly have the largest land mass

585
00:36:27,080 --> 00:36:27,760
Speaker 4: in the G seven.

586
00:36:28,239 --> 00:36:29,879
Speaker 2: We have room to grow.

587
00:36:30,040 --> 00:36:31,839
Speaker 4: We just need to make sure we're doing a better

588
00:36:31,960 --> 00:36:33,400
Speaker 4: job of aligning.

589
00:36:33,239 --> 00:36:35,520
Speaker 2: The people who are solving these challenges.

590
00:36:36,560 --> 00:36:38,799
Speaker 4: The federal government has an important role to play, but

591
00:36:38,840 --> 00:36:41,360
Speaker 4: it's not uniquely our jurisdiction.

592
00:36:41,520 --> 00:36:43,680
Speaker 2: We have stepped up massively.

593
00:36:43,280 --> 00:36:46,080
Speaker 4: With tens of billions of dollars of investments over the

594
00:36:46,120 --> 00:36:49,480
Speaker 4: past years, but we know working hand in hand with

595
00:36:49,680 --> 00:36:54,680
Speaker 4: provincial and territorial governments, working with municipalities. We put four million,

596
00:36:54,920 --> 00:36:58,400
Speaker 4: four billion dollars forward on the Housing Accelerator Fund with

597
00:36:58,600 --> 00:37:01,560
Speaker 4: municipalities to make sure sure that they can make the

598
00:37:01,640 --> 00:37:07,480
Speaker 4: zoning changes, accelerate their permitting processes, create better opportunities around densification.

599
00:37:07,640 --> 00:37:14,200
Speaker 4: We've tied our infrastructure investments in public transit to densification

600
00:37:14,280 --> 00:37:17,759
Speaker 4: around transit hubs, which is extraordinarily important. There's no one

601
00:37:18,000 --> 00:37:20,120
Speaker 4: silver bullet on how we're going to solve this because

602
00:37:20,120 --> 00:37:24,760
Speaker 4: there's many different facets around it. But consistent collaboration and

603
00:37:24,920 --> 00:37:27,720
Speaker 4: leaning in together and putting real money on the table

604
00:37:28,280 --> 00:37:32,200
Speaker 4: and delivering outcomes for Canadians. That's the work that is

605
00:37:32,239 --> 00:37:34,160
Speaker 4: going to be done over the coming years.

606
00:37:34,960 --> 00:37:36,680
Speaker 3: Mister Prime Minister, you've been kind enough to take some

607
00:37:36,760 --> 00:37:39,560
Speaker 3: questions from the audience. There are a few here. I'll

608
00:37:39,560 --> 00:37:42,680
Speaker 3: try to keep it brief. Thank you folks for submitting questions.

609
00:37:46,120 --> 00:37:49,279
Speaker 3: This was supposed to be China century, the century when

610
00:37:49,320 --> 00:37:52,040
Speaker 3: it overtook the United States, is the world's largest economy

611
00:37:52,040 --> 00:37:57,799
Speaker 3: and wielded similarly outsized influence on the world. Is it

612
00:37:57,920 --> 00:38:00,680
Speaker 3: possible that we've already seen peak China.

613
00:38:03,280 --> 00:38:06,600
Speaker 4: I'm going to let the analysts folk on that focus

614
00:38:06,640 --> 00:38:10,720
Speaker 4: on that. A Canadian Prime minister, my second favorite Canadian

615
00:38:10,760 --> 00:38:14,920
Speaker 4: want Prime Minister, Wilfred Laurie, once pointed out that the

616
00:38:14,960 --> 00:38:18,160
Speaker 4: twentieth century would belong to Canada. I actually think the

617
00:38:18,160 --> 00:38:21,520
Speaker 4: twenty first century has a good chance of belonging to Canada.

618
00:38:21,880 --> 00:38:25,040
Speaker 4: The optimism, the ambition, the capacity to work through the

619
00:38:25,040 --> 00:38:27,600
Speaker 4: tough times that we're in right now. As a world

620
00:38:28,200 --> 00:38:32,600
Speaker 4: with real solutions that resonate around the world. I'm extremely

621
00:38:32,640 --> 00:38:37,680
Speaker 4: optimistic about Canada doing extremely well in the coming decades

622
00:38:37,719 --> 00:38:43,760
Speaker 4: because Canadians are ambitious, optimistic, hard working, value driven, open,

623
00:38:44,680 --> 00:38:47,000
Speaker 4: all the things that make Canada the best country in

624
00:38:47,040 --> 00:38:50,279
Speaker 4: the world. And that's what I'm going to focus on.

625
00:38:50,360 --> 00:38:55,439
Speaker 4: And I'll let you continue to focus on China.

626
00:38:59,280 --> 00:39:02,640
Speaker 3: Having just come in Jakarta, what investments do you anticipate

627
00:39:02,719 --> 00:39:04,800
Speaker 3: Asian countries will make in Canada.

628
00:39:06,719 --> 00:39:11,160
Speaker 4: I had conversations with a number of business leaders over

629
00:39:11,200 --> 00:39:15,319
Speaker 4: the past days, whether it's investing in agro stability and

630
00:39:15,360 --> 00:39:21,560
Speaker 4: agro agricultural opportunities, particularly around pulses in Canada. There's a

631
00:39:21,560 --> 00:39:25,920
Speaker 4: lot of interest in Canada's leadership around AI, whether it's

632
00:39:25,960 --> 00:39:30,680
Speaker 4: in supply chains and logistics, whether it's in in in

633
00:39:31,200 --> 00:39:34,800
Speaker 4: technologies that are going to be really important coming years.

634
00:39:34,800 --> 00:39:37,839
Speaker 4: Canada has long been a leader with AI hubs in

635
00:39:37,840 --> 00:39:42,640
Speaker 4: Toronto and Montreal in particular. There's real interest as well

636
00:39:43,280 --> 00:39:46,440
Speaker 4: in how we're moving forward on a range of things

637
00:39:46,440 --> 00:39:52,600
Speaker 4: from medical technologies and natural sciences too. I know I've

638
00:39:52,600 --> 00:39:56,040
Speaker 4: had lots of great conversations with Asian countries interested and

639
00:39:56,239 --> 00:39:57,800
Speaker 4: business is interested in Canada.

640
00:39:57,840 --> 00:40:00,759
Speaker 3: And returning to a subject which took up earlier in

641
00:40:00,760 --> 00:40:04,040
Speaker 3: the conversation, Canadian media are reporting that Quebec Court of

642
00:40:04,080 --> 00:40:07,960
Speaker 3: Appeal Judge Marie Jose Oge will lead a public inquiry

643
00:40:08,400 --> 00:40:11,600
Speaker 3: into foreign interference in Canada by China and other countries.

644
00:40:11,680 --> 00:40:13,200
Speaker 2: Can you confirm.

645
00:40:12,800 --> 00:40:18,759
Speaker 4: I look forward to Dominic LeBlanc, or Minister of Democratic Institutions,

646
00:40:18,760 --> 00:40:22,520
Speaker 4: among other things and Public Safety, to make an announcement

647
00:40:23,239 --> 00:40:25,520
Speaker 4: in a few hours once Canadians wake up.

648
00:40:25,800 --> 00:40:28,520
Speaker 2: The news is coming. Another word, news is definitely coming.

649
00:40:28,680 --> 00:40:30,720
Speaker 3: Take that for what you will. Ladies and gentlemen, please

650
00:40:30,800 --> 00:40:34,120
Speaker 3: join me in thanking the right Honorable Justin Trudeau, Prime

651
00:40:34,120 --> 00:40:37,319
Speaker 3: Minister of Canada than