Canada – Deputy Prime Minister Chrystia Freeland meets with Latvia’s Deputy Prime Minister and Minister of Defence

Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, hosted a bilateral meeting in Ottawa with the Latvian Deputy Prime Minister and Minister for Defence, Artis Pabriks.

March 23, 2022 – Ottawa (Ontario) – Department of Finance Canada

Today, the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, hosted a bilateral meeting in Ottawa with the Latvian Deputy Prime Minister and Minister for Defence, Artis Pabriks.

The Deputy Prime Minister reaffirmed Canada’s ironclad commitment to NATO and our allies, including Latvia, where 540 Canadian Armed Forces personnel are leading a NATO enhanced Forward Presence Battle Group. Canada recently renewed Operation REASSRUANCE a year ahead of schedule.

Canada and Latvia are united in their condemnation of Vladimir Putin’s barbaric and ongoing invasion of Ukraine. Russia’s actions are a violation of international law and of the rules-based international order. The two Deputy Prime Ministers underscored the remarkable resilience and bravery of the people of Ukraine, who have Canada’s full support.

The Deputy Prime Minister and her Latvian counterpart pledged to continue working together to support Ukraine, to defend democracy around the world, including against disinformation, and to uphold the rules-based international order. 

Adrienne Vaupshas

Press Secretary

Office of the Deputy Prime Minister and Minister of Finance

Adrienne.Vaupshas@fin.gc.ca

Canada – Deputy Prime Minister speaks with Germany’s Minister of Finance 

Today, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, spoke with the German Federal Minister of Finance, Christian Lindner.

February 7, 2022 – Ottawa, Ontario – Department of Finance Canada

Today, the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, spoke with the German Federal Minister of Finance, Christian Lindner.

Both the Deputy Prime Minister and the Minister noted the importance of their countries’ continued close collaboration and steadfast commitment to the sovereignty and territorial integrity of Ukraine.

The Deputy Prime Minister welcomed Germany’s G7 presidency in 2022. The two noted the importance of maintaining a united front, including through NATO and the G7, to stand against Russia’s aggressive and destabilizing actions.

The Deputy Prime Minister discussed the importance of strengthening Ukraine’s economic resilience and stability, including through the European Commission’s proposal to offer €1.2 billion in assistance and Canada’s own recent assistance of a loan of up to $120 million. Both the Deputy Prime Minister and Minister agreed to stay in close contact regarding the current situation in Ukraine.

They also spoke of the shared global challenges of inflation, combatting climate change, and ensuring a strong and inclusive economic recovery following the COVID-19 pandemic. The Deputy Prime Minister underlined Canada’s commitment to work with Germany in transitioning to a greener global economy, including Canada’s commitment to a price on pollution and to advancing border carbon adjustments.

They will continue to work together to implement the landmark two-pillar framework for international tax reform to end the race to the bottom in international taxation and ensure a level playing field for Canadian and German workers and businesses.

The Deputy Prime Minister and the Minister agreed to continue Canada’s and Germany’s coordinated efforts on Ukraine and other key international priorities, with the shared goal of ensuring a stable, sustainable, and more prosperous world.

Adrienne Vaupshas

Press Secretary

Office of the Deputy Prime Minister and Minister of Finance

Adrienne.Vaupshas@fin.gc.ca

Canada – Deputy Prime Minister and Minister of Finance Discusses Economic Outlook with Chief Economists

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to discuss their outlook on the Canadian economy and hear their views on Canada’s economic recovery.

November 26, 2021 – Ottawa, Ontario – Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, met virtually with chief economists from major Canadian financial institutions to discuss their outlook on the Canadian economy and hear their views on Canada’s economic recovery.  

The Deputy Prime Minister addressed global COVID inflation and the work the government is doing to help Canadians with the cost of living. She also invited chief economists to share their perspectives on the impact of global supply chain disruptions.

The Deputy Prime Minister noted that Canada’s strong jobs recovery, particularly compared to the United States. Canada has recovered over 101 per cent of the jobs lost during the pandemic compared to only 81 per cent in the U.S.

Throughout the meeting, the Deputy Prime Minister reiterated that the best economic policy is ending COVID-19 and that the government is carefully watching variants of concern, including by taking action today to restrict travel from certain regions of the globe.

The Deputy Prime Minister reaffirmed the government’s commitment to careful and prudent management of Canada’s public finances as the country continues on its path to a robust economic recovery. 

Adrienne Vaupshas

Press Secretary

Office of the Deputy Prime Minister and Minister of Finance

Adrienne.Vaupshas@fin.gc.ca

Canada – Deputy Prime Minister to attend G20 in Italy and COP26 in the United Kingdom

In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers’ Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.

October 28, 2021 – Ottawa, Ontario – Department of Finance Canada

In the coming days, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will travel to Rome to attend the G20 Joint Finance and Health Ministers’ Meeting and support the Prime Minister at the G20 Leaders Summit. The Deputy Prime Minister will then travel to the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) in Glasgow, United Kingdom.

At the G20 meeting, Canada will continue to advance its support for building strong global health systems and growing economies that allow nations to prepare for, prevent, and respond to public health crises. Multilateral efforts are necessary to support equitable access to vaccines, therapeutics and diagnostics; and to end the global COVID-19 crisis. The Deputy Prime Minister will discuss Canada’s own work to finish the fight against COVID-19 and create jobs and growth. The Deputy Prime Minister will also underscore the importance of continued global cooperation on other important fronts, including coordinated climate action and the recent once-in-a-generation agreement on international tax reform, which will end the race to the bottom in corporate taxation and ensure a level playing field for Canadian workers and Canadian businesses in the global economy.

At COP26, the Deputy Prime Minister will be part of the Canadian delegation, alongside other signatories to the Paris Agreement, to chart the course for the next decade of climate action. The Deputy Prime Minister will highlight Canada’s climate action taken since COP21 (Paris) to build a clean economy, achieve net-zero emissions by 2050, and create jobs that bring everyone along. The Deputy Prime Minister will work to advocate for increased global ambition and concrete action by all.

An itinerary of events will be released in advance of the meeting. 

“The global pandemic has shown us that governments and civil society have what it takes to come together to face great challenges. It is more important than ever that the international community do what is necessary to finish the fight against COVID-19 and accelerate the green transformation of global economies. Working together collaboratively, we can build a future that is safer, healthier, with jobs and long-lasting prosperity for everyone.” 

– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

The G20 represents 85% of the global economy. 

Canada is one of 136 countries that have agreed to a new two-pillar plan on international tax reform. This agreement is the next step in the global effort to end the race to the bottom in corporate taxation and to ensure that multinational corporations pay their fair share of taxes wherever they do business and regardless of where their headquarters are located.

Pillar One would re-allocate some taxing rights with respect to the largest and most profitable multinational corporations, including digital corporations, to the countries where their users and customers are located; and
Pillar Two would introduce a global minimum tax on larger multinational corporations of 15% determined on a country-by-country basis.

To date, Canada has committed over CA$2.5 billion towards the global COVID-19 response, including CA$1.3 billion to the Access to COVID-19 Tools (ACT) Accelerator and has committed to donating over 40 million vaccine doses to be shared through the COVAX Facility.

Canada is currently one of six countries with Sweden, Germany, Norway, Saudi Arabia and Kuwait that has responded fully to the 2021 fundraising targets as determined by the ACT-Accelerator Financing Working Group.

In November 2015, Canada and 194 other countries reached the Paris Agreement— an international agreement to address climate change that is ambitious, durable, and applicable to all parties. It recognizes the important role of subnational governments, civil society, and the private sector, and it highlights Indigenous, community, human, and gender rights.

COP26 is the highest profile UN climate change conference since 2015 when the Paris Agreement was adopted. Hosted by the United Kingdom, COP26 will bring parties together to accelerate action towards the goals of the Paris Agreement and the United Nations Framework Convention on Climate Change.

Since 2015, Canada has invested approximately $100 billion toward climate action and clean growth, including as part of Canada’s strengthened climate plan, including $53.6 billion in a green recovery that will build a clean economy, fight climate change, and create good, middle class jobs.

At the G7 Leaders’ Summit in June, the Prime Minister announced the doubling of Canada’s international climate finance investments, from $2.65 billion in 2015 to $5.3 billion over five years, including increased support for adaptation, protecting nature and nature-based climate solutions.

Canada is committed to increasing its 2030 target of reducing greenhouse gas emissions to between 40 and 45% relative to 2005 levels, and has committed to reaching net zero emissions by 2050.

Canada – Deputy Prime Minister concludes successful G7 and G20 Finance Ministers’ Meetings and Annual Meetings of the IMF and the World Bank

This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund and the G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings, as well as meetings of the International Monetary and Financial Committee.

October 15, 2021 – Ottawa, Ontario – Department of Finance Canada

This week the Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, successfully concluded a trip to Washington, D.C., where she attended the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF). The Deputy Prime Minister also attended the G7 and G20 Finance Ministers’ and Central Banks Governors’ Meetings.

In addition, the Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, virtually attended, on behalf of the Deputy Prime Minister and Minister of Finance, the Coalition of Finance Ministers for Climate Action and the Commonwealth Finance Ministers Meeting. Today, the Minister of International Development, the Honourable Karina Gould, virtually attended, on behalf of the Deputy Prime Minister, the meeting of the IMF-World Bank Development Committee, where the focus was on the impacts of the COVID-19 crisis on low-income countries and multilateral efforts to promote their resilient recovery.

The meetings provided opportunities for Finance Ministers and Central Bank Governors to discuss issues on a range of fronts, including: international trade, addressing the needs of low-income and vulnerable middle-income countries; the economic impacts of the pandemic on women and the need for affordable and accessible early learning and child care; and future pandemic prevention and preparedness. This week has also been an important moment to discuss climate action and how we can work with our partners to do even more. Canada has a world-leading price on pollution – and worked to actively explore avenues to collaborate on carbon pricing, border carbon adjustments, and other tools.

The meetings also allowed Canada to engage with international partners on bringing last week’s landmark two-pillar plan on international tax reform into effect. This historic agreement will end the global race to the bottom in corporate taxation, and put Canadian workers and businesses on a level playing field in the global economy by ensuring that all corporations, including the world’s largest, pay their fair share.

The Deputy Prime Minister held several bilateral meetings with her counterparts, including: US Treasury Secretary, Janet Yellen; Germany’s Vice Chancellor and Minister of Finance, Olaf Scholz; UK Chancellor of the Exchequer, Rishi Sunak; France’s Minister of Finance and the Economy, Bruno Le Maire; Italy’s Minister of Economy and Finance, Daniele Franco; Republic of Korea Deputy Prime Minister and Minister of Economy and Finance, Hong Nam-ki; and Mexico Secretary of Finance and Public Credit, Rogelio Ramírez de la O.

“At these important meetings with our international partners, Canada was able to discuss issues of global concern including: ending the pandemic, building a fair and robust recovery, climate change, growing inequality, sustainable economic development, tax fairness, and the economic outlook in the years ahead. It is essential that we work together to overcome shared challenges and build a greener future with prosperity and opportunity for all.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance