The relationship between the European Union and Canada is quite limited. It is quite unusual, given the size of the Canadian economy, that Canada ranks ninth among the European Union's trade partners, behind countries such as Norway, Turkey, Russia, and even South Korea. This isn't normal. Attempts have been made on several occasions to do more, and to move things forward. We have a whole slew of agreements and legal structures, but sometimes hesitation creeps in, even when it comes to political dialogue. When we chaired the European Union in 2000 we held a summit. The summits, however, have been cancelled twice over the recent years. Perhaps the Berlin Summit will be able to achieve more.
We need to work on developing a framework which is more conducive to bilateral trade and investment. Opening the markets on both sides is very important for the sectors which are crucial to economic cooperation such as public infrastructure, energy, shipping companies, and even for the structure of the decision-making bodies.
The European Union has cross-cutting regulations, and a single authority oversees trade. The law is clear on the fact that this is not the purview of individual state governments. All of these sectors abound with opportunities like the transatlantic open skies initiative for the environment, trade, development and development assistance.
More transparent common regulations are crucial to the financial markets and also to the political sphere given that we are partners in NATO. The European Union's emergence in the areas of justice, domestic affairs, immigration, and combatting organized crime is also important. Canada is our international and political point of reference when it comes to security and defence because it is the non-European country with which we share the most in common in terms of values. This dimension promotes and strengthens the collaborative efforts between Canada and the European Union.
Canada must not follow the United States. Canada might even overtake the United States by building a very special relationship with the European Union. Should Canada fail to develop such a relationship with the European Union simply because the United States would not do so, well then no one here should be surprised when the United States steps up to the plate in a big way. The United States and the major European cities want a very solid transatlantic economic base so as to compete with other hugely powerful economic bases in other regions which have sprung up due to globalization. Canada needs to be a very active partner in this process. And our challenge is to promote this enhanced Canadian role.