In a more dangerous and divided world, Canada’s new government is transforming our economy – from one of reliance on specific trade partners to one that is more resilient to global shocks, built on the solid foundation of strong Canadian industries and bolstered by diverse international trade partners.
Today, the Prime Minister, Mark Carney, welcomed Their Majesties King Carl XVI Gustaf and Queen Silvia of Sweden in Ottawa. The State Visit included Sweden’s Deputy Prime Minister, Ebba Busch, and the largest-ever business delegation to accompany a Swedish State Visit to Canada. The visit reflects strong and growing momentum in trade, innovation, defence, and industrial cooperation between the two nations – positioning Canada and Sweden to capitalise on new opportunities for workers and businesses.
During the visit, the two countries launched a new Canada-Sweden Strategic Partnership. This milestone agreement will better connect Canadian and Swedish industries and workers, especially in the clean power, critical minerals, advanced manufacturing, defence, forestry, research and innovation, and life sciences sectors. Our new partnership will help create high-paying careers and stronger supply chains across both economies through research cooperation, better information exchange, skill development, and more. It will also strengthen Arctic and Euro-Atlantic collective security – a priority of both countries as NATO Allies.
By unlocking new economic opportunities and deepening trade with Sweden, we are taking a concrete step toward the goal of doubling exports with non-U.S. partners and building a web of trade relationships around the globe. The new Strategic Partnership will drive growth at home by helping attract new investors to Canada, crowding in private capital, and positioning Canadian workers and businesses to compete and win in a low-carbon, high-tech global economy.
As part of the visit, Prime Minister Carney also met with members of Sweden’s business delegation to enhance trade ties between the two countries. He promoted Canada as a top destination for investment and outlined the government’s Budget 2025 plan to enable more than $1 trillion in total investments in the next five years.
Canada’s new government is pursuing a bold plan to build Canada strong – an economy powered by Canadian workers, fuelled by innovation, and connected to the world through diverse trade partnerships. Budget 2025 sets out that ambition, driving relentless efforts to unlock investments, strengthen supply chains, and create high-paying careers for Canadians.
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“It was an honour to welcome Their Majesties King Carl XVI Gustaf and Queen Silvia of Sweden to Canada. Their visit is a reminder of the strong friendship between our two Arctic nations and the values we share. The new Canada-Sweden Strategic Partnership will advance our countries’ shared ambition to build stronger and more prosperous economies. Deepening our trade relationships with reliable partners will drive growth in Canada with transformational new opportunities for our industries and high-paying careers for our workers.”
The Rt. Hon. Mark Carney, Prime Minister of Canada
Quick facts
- The State Visit of Their Majesties King Carl XVI Gustaf and Queen Silvia of Sweden continues until November 20, 2025, with engagements in Ottawa, Ontario, and Montréal, Québec.
- The new Canada-Sweden Strategic Partnership formalises bilateral cooperation across five key pillars:
- Economic development, competitiveness, trade, and investment
- Security, defence, and resilience
- Arctic cooperation and North-North connections
- Digital transition, research, science, innovation, technology, health, and life sciences
- Climate, environment, and energy
- Canada and Sweden are Arctic partners and NATO Allies, committed to collective defence, sustainable development, and the rules-based international order. Both countries contribute to NATO operations and coordinate closely on Arctic security, energy resilience, and support for Ukraine.
- Under the Canada-EU Comprehensive Economic and Trade Agreement, nearly all tariffs on goods traded between Canada and Sweden have been eliminated, opening new opportunities for exporters and investors in both countries.
- As a result, bilateral merchandise trade between Canada and Sweden has grown by 89% since 2016, reaching $4.9 billion in 2024 – including $804 million in Canadian exports and $4.1 billion in imports. Bilateral services trade was valued at $1.9 billion in 2023, with $1.3 billion in Canadian exports.