Thank you, Mr. Chair.
Indeed, this summer the Prime Minister, Minister McGuinty and Minister Anand signed a security and defence partnership with the European Union. That is a partnership that includes work on support to Ukraine, crisis management, cybersecurity, countering hybrid threats, arms control, space security, AI, emerging technologies and enhancing defence industrial co-operation. A big part of that is going to be the defence industrial co-operation.
In addition to this security and defence partnership, my colleagues will be engaged in negotiations with the European Union to access SAFE, the safe security action for Europe, or the ReArm Europe Plan/Readiness 2030. That is a European Union defence plan that has two components. One is up to 650 billion euros in deficit spending allowances for EU member states. That is not where we're trying to be. These are simply the rules that govern the EU members.
Of that, however, 150 billion euros are sort of a loan program for defence spending to allow European Union member states to access funds and resources to increase their defence capabilities. Therefore, we will soon be negotiating with the EU an agreement to provide Canadian firms with access as potential bidders and competitors to support the EU.