Canada Ramps Up Military Spending to Meet NATO Goals

Canada's Prime Minister Mark Carney announced an increase in military spending to achieve NATO's 2% GDP target, years earlier than planned. Facing pressure from NATO allies, Canada aims to strengthen its armed forces and reduce dependency on U.S. defense support. The plans include purchasing new equipment and cooperating more with Europe.

Canada's Liberal government is set to significantly boost its defense expenditure, as part of efforts to hit NATO's military spending target of 2% of GDP within this fiscal year. Previously, this was expected to be achieved by 2030, but Prime Minister Mark Carney announced the accelerated timeline on Monday.

The decision comes amidst longstanding pressures from the United States and other NATO allies for Canada to enhance its military funding, which stands at 1.4% of GDP. Carney, in a speech in Toronto, called for urgent action and emphasized increased collaboration with Europe's defense sector.

In addition to increased spending, the strategy includes acquiring new military assets such as submarines, aircraft, and radar systems. Carney aims to lessen Canada's reliance on U.S. military capabilities while adapting to global strategic shifts. Officials will release further details ahead of Carney's media briefing later today.

(With inputs from agencies.)