Joint Statement: Canada and Spain will aim to double two-way trade over the coming years

Ottawa, December 12, 2025 

Ministers Sidhu and Cuerpo met in Ottawa on December 4 to take stock of the bilateral trade relationship between Canada and Spain and agree on the next steps to increase partnerships and mutual investments. 

The recent signature of the General Security of Information Agreement (GSOIA) between Canada and Spain in Madrid on September 9, 2025, now subject to ratification procedures in both countries, as well as the Agreement, on December 1, 2025, for the participation of Canada in the European Union’s Security Action for Europe (SAFE) instrument, will enable greater cooperation between our companies operating in the defense and security sectors. These agreements will open new opportunities for joint projects and competitiveness in defense markets. 

As parties to the Comprehensive Economic and Trade Agreement (CETA), Canada and Spain have developed stronger commercial ties. Since the start of CETA’s provisional application, bilateral trade has grown significantly, reaching close to $8 billion in 2024, supported by robust investment flows and the presence of over 140 Spanish multinationals in Canada and Canadian firms investing $9.3 billion in Spain. Both countries are committed to reinforcing economic security and advancing cooperation in strategic sectors such as critical minerals, clean energy, and advanced manufacturing, with the objective of doubling trade over the coming years.

Reflecting the dynamic nature of our partnership, Ministers Sidhu and Cuerpo welcomed the outcomes of the Spain–Canada Business Forum held in Toronto on December 3, 2025, which focused on promoting cooperation in innovation, artificial intelligence, and essential infrastructure. Minister Sidhu also welcomed the invitation by Minister Cuerpo to lead a similar trade and investment delegation to Spain.

Next Steps 

The Ministers agreed to hold annual comprehensive bilateral consultations encompassing foreign policy, economic, and trade matters. The meeting in this new format is planned for February 2026, at the level of State Secretary for Spain and Deputy Minister for Canada. While forming part of a single coordinated process, these consultations will reflect the respective responsibilities of relevant ministries, ensuring alignment and complementarity between economic and foreign policy discussions.

In the run-up to these consultations, officials will work closely with relevant lead departments to prepare the economic and commercial component, with a particular focus on: 

• Economic Security and Resilient Supply Chains 
• Essential Infrastructure 
• Science, Technology and Innovation 
• Defense and Aerospace Industry Cooperation 
• Energy and Critical Minerals 
• Green Transition and Climate Action 

At their next meeting, Ministers Sidhu and Cuerpo look forward to reviewing progress on the bilateral economic and trade agenda, with particular attention to outcomes that strengthen private sector engagement and cooperation.