""In these geopolitically turbulent times, it (SAFE) is a means to increase cooperation, meet defense targets and spend better, as we address short-term urgency and long-term needs," von der Leyen and Carney said in their statement. "Together, we will create resilient defense supply chains between our industries at a crucial time for global security," they said."
"The SAFE (Security Action for Europe) program is meant to grant loans to its members on favorable terms for jointly purchasing weapons with other partners. The loans will be secured via the EU budget. It has been set up as the EU seeks to boost its defense industry in response to growing military aggression from Russia at a time when the US appears to be withdrawing from its long-time defense solidarity with Europe."
"Canada's move to join the project comes as it, too, is trying to reduce its reliance on its neighbor for defense as it faces growing hostility from the US Trump administration. Although joint arms purchases made with the aid of SAFE must have at least 65% of their components manufactured within the 27-member EU, non-member states such as Canada could be granted exemptions."
The EU and Canada agreed to allow Ottawa to participate in Europe's €150 billion SAFE defense financing instrument. The agreement was described as the next step in deepening cooperation and symbolic of shared priorities. SAFE is designed to grant loans on favorable terms for jointly purchasing weapons, with loans secured via the EU budget. The program aims to increase cooperation, meet defense targets, improve spending, and create resilient defense supply chains between industries. SAFE requires at least 65% of components be manufactured within the 27-member EU, though exemptions for non-members such as Canada are possible. The initiative responds to growing Russian aggression and perceptions of US withdrawal from European defense solidarity; the UK considered joining but declined over the entry fee.
Read at www.dw.com
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