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00:00:23
Arc, should I read yours?00:00:31
Hi everyone. It's a great honor for me00:00:33
to introduce Mark Carney, Prime Minister00:00:35
of Canada, along with Giddy Rockman from00:00:38
the Financial Times.00:00:41
Much of the dialogue over the next few00:00:44
days will focus on where the puck is00:00:47
going. You like that, Mark? You know,00:00:50
okay. where the puck is going next in00:00:52
the global economy,00:00:54
which makes this a fitting moment00:00:58
to introduce a former hockey player, the00:01:00
prime minister of Canada, Mark Carney.00:01:06
The ability to remain calm00:01:09
in fastmoving high pressure moments has00:01:12
defined00:01:13
Mark's career.00:01:16
In 2008, he led the Bank of Canada and00:01:19
helped steer his economy through the00:01:21
worst market turmoil in all our lives in00:01:24
our generation.00:01:27
In the aftermath of Brexit, he became00:01:29
the first non Brit to serve as a00:01:33
governor of the Bank of England.00:01:37
And last year, he was elected very00:01:40
deservingly as prime minister00:01:44
for Canada. at what may be one of the00:01:46
most pivotal moments00:01:50
in modern Canadian history.00:01:54
Today, Prime Minister Carney is focused00:01:56
on making Canada a place where it's00:01:58
easier to build,00:02:01
simpler to trade,00:02:04
smarter to invest in,00:02:06
and build more unity across its nation.00:02:11
For 41 million Canadians,00:02:14
the world's 10th largest economy, he is00:02:16
a steady and thoughtful leader, and I am00:02:21
proud to call him a friend. Please join00:02:23
me in welcoming Prime Minister of00:02:25
Canada, Mark Carney.00:02:35
Thank you very much. Uh Larry, I'm I'm00:02:38
going to start in uh French and then00:02:39
I'll switch back to English. Uh mercy,00:02:42
Larry.00:02:43
>> Thank you, Larry.00:02:44
>> It is both a pleasure00:02:46
>> and a duty00:02:48
to be with you tonight00:02:50
in this pivotal moment that Canada and00:02:53
the world going through.00:02:56
Today I will talk about a rupture in the00:02:58
world order, the end of a pleasant00:03:03
fiction and the beginning of a harsh00:03:07
reality where geopolitics where the00:03:11
large main power geopolitics is00:03:14
submitted to no limits, no constraints.00:03:18
On the other hand, I would like to uh00:03:21
tell you that the other countries00:03:22
especially intermediate powers like00:03:24
Canada are not powerless.00:03:28
They have the capacity to build a new00:03:30
order that encompasses our values00:03:34
such as respect for human rights,00:03:36
sustainable development, solidarity,00:03:39
sovereignty00:03:42
and territorial integrity of the various00:03:45
states.00:03:47
The power of the less power00:03:50
starts with honesty.00:03:54
It seems that every day we're reminded00:03:57
that we live in an era of great power00:04:01
rivalry, that the rules-based order is00:04:04
fading, that the strong can do what they00:04:07
can and the weak must suffer what they00:04:10
must. And this apherism of Thusidities00:04:13
is presented as inevitable, as the00:04:16
natural logic of international relations00:04:19
reasserting itself.00:04:21
And faced with this logic,00:04:24
there is a strong tendency for countries00:04:27
to go along to get along,00:04:30
to accommodate,00:04:32
to avoid trouble, to hope that00:04:35
compliance will buy safety.00:04:38
Well, it won't.00:04:41
So, what are our options?00:04:44
In 1978, the Czech dissident Vaslav00:04:47
Havl, later president, wrote an essay00:04:51
called the power of the powerless. And00:04:53
in it, he asked a simple question. How00:04:56
did the communist system sustain itself?00:04:59
And his answer began with a green00:05:01
grosser. Every morning, this shopkeeper00:05:04
places a sign in his window, workers of00:05:07
the world unite. He doesn't believe it.00:05:11
No one does. But he places the sign00:05:14
anyway to avoid trouble, to signal00:05:16
compliance, to get along. And because00:05:19
every shopkeeper on every street does00:05:22
the same, the system persists,00:05:24
not through violence alone, but through00:05:27
the participation of ordinary people in00:05:30
rituals they privately know to be false.00:05:34
Havl called this living within a lie.00:05:38
The system's power comes not from its00:05:40
truth, but from everyone's willingness00:05:42
to perform as if it were true.00:05:46
And its fragility comes from the same00:05:48
source. When even one person stops00:05:51
performing, when the green grosser00:05:53
removes his sign, the illusion begins to00:05:55
crack.00:05:58
Friends, it is time for companies and00:06:02
countries to take their signs down.00:06:06
For decades,00:06:14
for decades, countries like Canada00:06:16
prospered under what we called the00:06:18
rules-based international order. We00:06:20
joined its institutions. We praised its00:06:22
principles. We benefited from its00:06:24
predictability.00:06:26
And because of that, we could pursue00:06:28
values-based foreign policies under its00:06:30
protection.00:06:31
We knew the story of the international00:06:34
rulesbased order was partially false.00:06:37
That the strongest would exempt00:06:38
themselves when convenient. That trade00:06:41
rules were enforced s asymmetrically.00:06:45
And we knew that international law00:06:47
applied with varying rigor depending on00:06:49
the identity of the accused or the00:06:51
victim.00:06:53
This fiction was useful and American00:06:56
hegemony in particular helped provide00:06:59
public goods. open sea lanes, a stable00:07:02
financial system, collective security00:07:04
and support for frameworks for resolving00:07:06
disputes.00:07:08
So we placed the sign in the window. We00:07:12
participated in the rituals and we00:07:15
largely avoided calling out the gaps00:07:17
between rhetoric and reality.00:07:20
This bargain no longer works. Let me be00:07:24
direct. We are in the midst of a00:07:27
rupture, not a transition.00:07:29
Over the past two decades, a series of00:07:31
crises in finance, health, energy, and00:07:34
geopolitics have laid bare the risks of00:07:36
extreme global integration. But more00:07:39
recently, great powers have begun using00:07:41
economic integration as weapons, tariffs00:07:45
as leverage, financial infrastructure as00:07:47
coercion, supply chains as00:07:49
vulnerabilities to be exploited.00:07:52
You cannot live within the lie of mutual00:07:55
benefit through integration when00:07:57
integration becomes the source of your00:08:00
subordination.00:08:03
The multilateral institutions on which00:08:05
the middle powers have relied, the WTO,00:08:09
the UN, the COP, the architecture, the00:08:12
very architecture of collective problem00:08:16
solving are under threat.00:08:19
And as a result, many countries are00:08:20
drawing the same conclusions that they00:08:23
must develop greater strategic autonomy00:08:25
in energy, food, critical minerals, in00:08:28
finance and supply chains. And this00:08:31
impulse is understandable. A country00:08:33
that can't feed itself, fuel itself, or00:08:36
defend itself has few options. When the00:08:39
rules no longer protect you, you must00:08:41
protect yourself.00:08:43
But let's be cleareyed about where this00:08:45
leads.00:08:47
A world of fortresses will be poorer,00:08:49
more fragile, and less sustainable.00:08:52
And there's another truth. If great00:08:55
powers abandon even the pretense of00:08:57
rules and values for the unhindered00:09:00
pursuit of their power and interests,00:09:02
the gains from transactionalism00:09:05
will become harder to replicate.00:09:09
Hegeimons cannot continually monetize00:09:12
their relationships.00:09:15
Allies will diversify to hedge against00:09:17
uncertainty.00:09:19
They'll buy insurance, increase options00:09:22
in order to rebuild sovereignty.00:09:25
Sovereignty that was once grounded in00:09:27
rules, but will increasingly be anchored00:09:29
in the ability to withstand pressure.00:09:34
This room knows this is classic risk00:09:37
management. Risk management comes at a00:09:40
price.00:09:42
But that cost of strategic autonomy of00:09:45
sovereignty can also be shared.00:09:48
Collective investments in resilience are00:09:50
cheaper than everyone building their own00:09:52
fortresses.00:09:54
Shared standards reduce fragmentations.00:09:57
Complimentarities are positive some. And00:10:01
the question for middle powers like00:10:02
Canada is not whether to adapt to the00:10:05
new reality. We must. The question is00:10:08
whether we adapt by simply building00:10:10
higher walls or whether we can do00:10:12
something more ambitious.00:10:17
Now Canada was amongst the first to hear00:10:19
the wakeup call leading us to00:10:22
fundamentally shift our strategic00:10:24
posture.00:10:25
Canadians know that our old comfortable00:10:27
assumptions that our geography and00:10:29
alliance memberships automatically00:10:31
conferred prosperity and security.00:10:34
That assumption is no longer valid.00:10:37
And our new approach rests on what00:10:39
Alexander Stub, the president of00:10:41
Finland, has termed valuebased realism.00:10:44
Or to put another way, we aim to be both00:10:47
principled and pragmatic.00:10:50
principled in our commitment to00:10:52
fundamental values, sovereignty,00:10:54
territorial integrity, the prohibition00:10:56
of the use of force except when00:10:58
consistent with the UN charter, and00:11:00
respect for human rights. And pragmatic00:11:03
in recognizing that progress is often00:11:06
incremental, that interests diverge,00:11:09
that not every partner will share all of00:11:11
our values. So, we're engaging broadly,00:11:14
strategically with open eyes. We00:11:17
actively take on the world as it is, not00:11:20
wait around for a world we wish to be.00:11:25
We are calibrating our relationships so00:11:27
their depth reflects our values. And00:11:30
we're prioritizing broad engagement to00:11:32
maximize our influence given and given00:11:35
the fluidity of the world at the moment,00:11:37
the risks that this poses and the stakes00:11:40
for what comes next.00:11:42
And we are no longer just relying on the00:11:44
strength of our values, but also the00:11:46
value of our strength.00:11:49
We are building that strength at home.00:11:53
Since my government took office, we have00:11:55
cut taxes on incomes on capital gains00:11:57
and business investment. We have removed00:11:59
all federal barriers to interprovincial00:12:01
trade. We are fasttracking a trillion00:12:04
dollars of investments in energy, AI,00:12:06
critical minerals, new trade corridors,00:12:08
and beyond. We're doubling our defense00:12:10
spending by the end of this decade and00:12:13
we're doing so in ways that build our00:12:15
domestic industries and we are rapidly00:12:18
diversifying abroad.00:12:20
We've agreed a comprehensive strategic00:12:22
partnership with the EU including00:12:24
joining safe the European defense00:12:27
procurement arrangements. We have signed00:12:30
12 other trade and security deals on00:12:32
four continents in six months. The past00:12:35
few days, we've concluded new strategic00:12:37
partnerships with China and Qatar. We're00:12:41
negotiating free trade packs with India,00:12:43
ASEAN, Thailand, Philippines, and00:12:45
Merkasur.00:12:47
We're doing something else to help solve00:12:50
global problems. We're pursuing variable00:12:53
geometry. In other words, different00:12:55
coalitions for different issues based on00:12:57
common values and interests. So on00:13:00
Ukraine, we're a core member of the00:13:02
coalition of the willing and one of the00:13:04
largest per capita contributors to its00:13:07
defense and security.00:13:09
On Arctic sovereignty, we stand firmly00:13:13
with Greenland and Denmark and fully00:13:15
support their unique right to determine00:13:17
Greenland's future.00:13:23
Our00:13:28
commitment to NATO's Article 5 is00:13:30
unwavering.00:13:32
So, we're working with our NATO allies,00:13:35
including the Nordic Baltic Gate, to00:13:37
further secure the alliance's northern00:13:40
and western flanks, including through00:13:43
Canada's unprecedented investments in00:13:46
over the horizon radar, in submarines,00:13:48
in aircraft, and boots on the ground.00:13:51
Boots on the ice.00:13:54
Canada strongly opposes tariffs over00:13:56
Greenland and calls for focused talks to00:13:59
achieve our shared objectives of00:14:02
security and prosperity in the Arctic.00:14:06
On plurilateral trade, we're championing00:14:09
efforts to build a bridge between the00:14:10
Trans-Pacific Partnership in the00:14:12
European Union, which would create a new00:14:14
trading block of 1.5 billion people. On00:14:18
critical minerals, we're forming buyers00:14:20
clubs anchored in the G7 so that the00:14:22
world can diversify away from00:14:24
concentrated supply. And on AI, we're00:14:28
cooperating with like-minded democracies00:14:30
to ensure that we won't ultimately be00:14:33
forced to choose between hegeimons and00:14:36
hyperscalers.00:14:38
This is not naive multilateralism,00:14:41
nor is it relying on00:14:44
their institutions. It's building00:14:46
coalitions that work. issues by issue00:14:49
with partners who share enough common00:14:52
ground to act together.00:14:54
In some cases, this will be the vast00:14:57
majority of nations. What it's doing is00:15:00
creating a dense web of connections00:15:02
across trade, investment, culture on00:15:04
which we can draw for future challenges00:15:07
and opportunities.00:15:10
Argue that middle powers must act00:15:12
together because if we're not at the00:15:14
table, we're on the menu.00:15:19
But I'd also say that great powers great00:15:22
powers can afford for now to go it00:15:24
alone. They have the market size, the00:15:26
military capacity, and the leverage to00:15:28
dictate terms. Middle powers do not. But00:15:32
when we only negotiate bilaterally with00:15:35
a hedgeimon, we negotiate from weakness.00:15:38
We accept what's offered. We compete00:15:41
with each other to be the most00:15:42
accommodating.00:15:44
This is not sovereignty. It's the00:15:46
performance of sovereignty while00:15:48
accepting subordination.00:15:51
In a world of great power rivalry, the00:15:54
countries in between have a choice.00:15:57
Compete with each other for favor or to00:15:59
combine to create a third path with00:16:02
impact.00:16:05
We shouldn't allow the rise of hard00:16:08
power to blind us to the fact that the00:16:10
power of legitimacy, integrity, and00:16:13
rules will remain strong if we choose to00:16:16
wield them together,00:16:19
which brings me back to Havl.00:16:22
What does it mean for middle powers to00:16:24
live the truth?00:16:26
First, it means naming reality. Stop00:16:29
invoking rules-based international order00:16:32
as though it still functions as00:16:33
advertised. Call it what it is, a system00:16:37
of intensifying great power rivalry00:16:40
where the most powerful pursue their00:16:41
interests using economic integration as00:16:44
coercion.00:16:46
It means acting consistently applying00:16:48
the same standards to allies and rivals.00:16:52
When middle powers criticize economic00:16:54
intimidation from one direction but stay00:16:56
silent when it comes from another, we00:16:58
are keeping the sign in the window.00:17:02
It means building what we claim to00:17:05
believe in rather than waiting for the00:17:08
old order to be restored. It means00:17:10
creating institutions and agreements00:17:12
that function as described.00:17:14
And it means reducing the leverage that00:17:17
enables coercion. That's building a00:17:19
strong domestic economy. should be every00:17:21
government's immediate priority.00:17:24
And diversification internationally is00:17:26
not just economic prudence. It's a00:17:28
material foundation for honest foreign00:17:30
policy because countries earn the right00:17:33
to principled stands by reducing their00:17:36
vulnerability to retaliation.00:17:39
So Canada00:17:43
has what the world wants. We are an00:17:46
energy superpower. We hold vast reserves00:17:48
of critical minerals. We have the most00:17:51
educated population in the world. Our00:17:53
pension funds are amongst the world's00:17:55
largest and most sophisticated00:17:57
investors. In other words, we have00:17:59
capital, talent. We also have a00:18:01
government with immense fiscal capacity00:18:04
to act decisively.00:18:07
And we have the values to which many00:18:10
others aspire.00:18:12
Canada is a pluralistic society that00:18:14
works. Our public square is loud,00:18:17
diverse, and free. Canadians remain00:18:20
committed to sustainability.00:18:23
We are a stable and reliable partner in00:18:25
a world that is anything but. A partner00:18:28
that builds and values relationships for00:18:30
the long term.00:18:32
And we have something else. We have a00:18:35
recognition of what's happening and a00:18:37
determination to act accordingly. We00:18:40
understand that this rupture calls for00:18:41
more than adaptation. It calls for00:18:44
honesty about the world as it is. We are00:18:47
taking the sign out of the window. We00:18:49
know the old order is not coming back.00:18:52
We shouldn't mourn it. Nostalgia is not00:18:56
a strategy.00:18:57
But we believe that from the fracture,00:18:59
we can build something bigger, better,00:19:02
stronger, more just. This is the task of00:19:05
the middle powers, the countries that00:19:08
have the most to lose from a world of00:19:10
fortresses and a most to gain from00:19:12
genuine cooperation.00:19:15
The powerful have their power,00:19:19
but we have something too. The capacity00:19:22
to stop pretending, to name reality, to00:19:25
build our strength at home, and to act00:19:28
together.00:19:29
That is Canada's path. We choose it00:19:32
openly and confidently, and it is a path00:19:36
wide open to any country willing to take00:19:40
it with us. Thank you very much.00:20:04
Well, thank you, Prime Minister. Um, I00:20:06
don't think I've seen many standing00:20:07
ovations at Davos, so uh that was that00:20:09
was interesting. Um, you said there was00:20:11
a phrase in your speech where you said00:20:13
sovereignty now is the ability to00:20:15
withstand pressure.00:20:16
>> H00:20:17
>> isn't Canada almost uniquely vulnerable00:20:20
to pressure because of the extent of00:20:22
your trade dependence on the United00:20:24
States?00:20:25
>> Well,00:20:26
the the proof is that we have been uh00:20:29
able to withstand the pressure and there00:20:31
has been considerable pressure. Uh I'll00:20:34
give you a couple of facts. We've00:20:35
actually created more jobs in uh since00:20:37
the tariffs were put on than the United00:20:39
States in absolute number. Uh economy is00:20:42
growing at the second fastest rate00:20:43
within the G7. Uh that's not there.00:20:46
There are pockets of extreme pressure00:20:47
without question in Canada. Uh but00:20:50
headline we're reacting. The second00:20:52
thing and it's a fundamental point is00:20:54
the recognition that we can give00:20:56
ourselves far more than any foreign00:21:00
country can take away. Uh there's lots00:21:02
of efficiencies in having one Canadian00:21:04
market. the trillion dollars of domestic00:21:06
investment and building these00:21:08
partnerships abroad. Uh all of which are00:21:11
bigger returns than what's been lost.00:21:15
That's not to say we would rather not00:21:16
lose it, but we can withstand the00:21:18
pressure and we are.00:21:19
>> And I was interested that you said00:21:21
basically the old world's not coming00:21:22
back. So you're not seeing this as a00:21:24
period where you just have to get00:21:25
through a normal seable return.00:21:28
>> I think the00:21:30
that is what that is our view. Um, and00:21:33
we we regret it, but we're not going to00:21:35
sit around and and and mourn it. We're00:21:37
we're we're acting um and we're acting00:21:41
in a way both that's in our interests,00:21:43
but we believe in a way with others00:21:46
that's building imperfectly in steps a00:21:50
new system. I'll give you one example00:21:51
and handback which is um we're members00:21:54
of we are members of trade agreements00:21:57
that comprise already 1.4 billion people00:21:59
around the world. So we have the most00:22:01
extensive network. We are trying with00:22:04
others to bring some of those networks00:22:06
together. The most prominent example is00:22:08
the trans-pacific partnership in the EU00:22:10
acting of a bridge. It's it's not a00:22:13
direct benefit for Canada, but it is a00:22:15
benefit for Canada that these groups00:22:17
come together uh and go is here00:22:20
consistent with the WTO rules, both of00:22:23
which are and in that way we're building00:22:25
back out amongst willing partners.00:22:28
>> And you talked about uh the need not to00:22:32
put the sign in the window anymore to to00:22:34
pretend that things are still the same.00:22:37
Do you think to put it directly that the00:22:40
NATO alliance is still doing that, still00:22:42
pretending it's the old transatlantic00:22:44
partnership when it's really kind of00:22:45
going?00:22:46
>> Well, uh, I think clearly NATO is00:22:50
experiencing a test right now. Uh, and00:22:53
the first response to that test has to00:22:56
be to respond in a way that ensures the00:22:59
the security of the Arctic in a robust00:23:01
way for uh for all possibilities. This00:23:06
is actually a point that we have been00:23:08
making in recent years. It's a point00:23:10
that I made at the NATO summit uh back00:23:12
in June which seemed like a pledging00:23:14
summit but also was a uh uh was to get00:23:18
NATO policies in the right direction. So00:23:20
I think in the immediate term one of the00:23:24
imperatives is to reinforce things that00:23:27
Canada is doing, Nordic Baltic 8 are00:23:30
doing, uh the UK are doing, other NATO00:23:32
partners, France included, in a00:23:34
comprehensive way that pro provides much00:23:37
greater security uh in the Arctic.00:23:39
That's this is the test. And so I00:23:41
wouldn't say the sign the NATO sign00:23:43
stays in the window, but we've got to00:23:45
meet the uh meet the moment of that. You00:23:48
also a big theme of your speech was the00:23:50
need for middle powers to work together,00:23:52
but you've just been to the other great00:23:54
power to China. And I think people very00:23:57
intrigued by seeing that meeting and00:24:00
some people say kind of that's a mistake00:24:03
really because you know you're going to00:24:06
make yourself more dependent on China.00:24:07
They're not that benign either. Um the00:24:11
US will be very annoyed. What's what's00:24:12
the defense of what you're doing and00:24:14
what do you hope to get out of it? Uh00:24:15
well the the first thing is to say it's00:24:17
not a defense. It's it's an I know the00:24:19
way you framed the question but it's00:24:20
offense. Um it's building out. It's it's00:24:23
something positive as opposed to um00:24:26
against. We're for something as opposed00:24:28
to being against. The second is00:24:31
there are very clear guard rails in that00:24:33
relationship. I spoke of calibration of00:24:34
relationships in my remarks. That's what00:24:36
I mean by it. Um but within those clear00:24:39
guard rails are huge opportunities in00:24:42
energy both clean and conventional. uh00:24:44
obviously in motor vehicles, in00:24:45
agriculture, in financial services, all00:24:48
of which is mutually beneficial. So it's00:24:50
it's additive and I look it's the second00:24:52
largest economy and it's our second00:24:54
largest trading partner. We should have00:24:56
a strategic partnership with them uh in00:24:59
that uh in within those guardrails and00:25:01
that's what we've achieved. And it is an00:25:03
interesting reversal though because I00:25:04
think certainly during the Biden00:25:05
administration there was this sense that00:25:07
the western world was trying to decouple00:25:10
from China or derisk at least. Yeah.00:25:12
>> And is now in this new world that really00:25:15
going to go into reverse and d-risking00:25:16
from China because there are other risks00:25:19
is is less of a a thing.00:25:21
>> You need again many in this room this is00:25:24
their livelihood. You need a web of00:25:26
connections. Um and to miss out in that00:25:29
web some of the largest ones, United00:25:31
States, we already have that. Uh China,00:25:33
India, Merkasaur, European Union, that's00:25:37
a mistake. That's not managing your00:25:39
relationships properly. That makes you00:25:40
stronger, makes you more resilient. And00:25:42
then on top of that, I'll give you again00:25:44
I'll appeal since it's in the headlines00:25:46
to the Nordics. Uh Nordics plus Canada,00:25:49
it's 20% of global GDP. It's not the00:25:52
first thing people would realize, but00:25:54
that relationship which is deepening for00:25:56
security reasons because we're00:25:58
like-minded, those are the types of00:26:00
partnerships that I think we'll see more00:26:02
of.00:26:03
>> And you got a round of applause when you00:26:05
said something strong about standing on00:26:07
principle on Greenland.00:26:10
>> Do you think uh we can find an offramp00:26:14
on that? I mean, I'm sure you you'll00:26:15
speak of it, but put it this way, if00:26:17
there isn't an offramp, where does this00:26:19
go? Uh I I strongly believe that uh00:26:22
there is a better there's a better00:26:24
outcome that come from the discussions00:26:26
that have been catalyzed in a unusual00:26:28
way admittedly but uh uh and we00:26:32
absolutely stand by uh the principles00:26:34
that I that I referenced. Um that00:26:38
solution starts with security and a00:26:41
security yes of Greenland but more00:26:43
broadly of the Arctic. Uh Canada is for00:26:46
square uh contributing to that. uh we're00:26:49
at the start of a major ramp up above00:26:51
and beyond. So we'll be a major uh00:26:53
contributor to that. NATO has to deliver00:26:56
on that. We're working intensively in00:26:57
order to do it as well. Uh prosperity00:27:01
for the people of Greenland uh this in00:27:04
the end it comes back uh to the people00:27:06
there and there are opportunities to do00:27:08
that in ways that would strengthen uh00:27:11
all of the alliance.00:27:12
>> And when President Trump says oh you00:27:13
know Greenland's under threat from00:27:15
Russia, even from China, is that for00:27:17
real?00:27:20
Uh I would say that there are there are00:27:23
threat Russia is without question a00:27:25
threat in the Arctic without question.00:27:28
Russia does lots of horrible things. Uh00:27:30
and I'll take the opportunity to uh to00:27:34
condemn their unjustified and uh00:27:36
horrific uh assault on Ukraine uh almost00:27:39
at its fourth year. Uh they are a real00:27:42
threat uh in the Arctic. uh one against00:27:45
we need to protect which is why we have00:27:48
36400:27:50
5day air sea and land presence. It's why00:27:53
we're uh adding to our submarine fleet,00:27:55
adding to our uh air fighter uh fleet.00:27:58
Uh why we're building out over the00:28:00
horizon radar to protect from Russian uh00:28:02
missile threats and others uh and why we00:28:05
will work with our NATO NATO partners.00:28:08
the threat is more perspective than00:28:11
actual at this stage in terms of actual00:28:14
activity uh in the Arctic and we intend00:28:16
to uh to keep it that way.00:28:19
>> Another big issue that's going to come00:28:20
up this week uh is this board of peace00:28:24
uh that President Trump is keen on. Uh00:28:26
I'm not sure whether it's for Gaza or00:28:28
for the entire world, but apparently00:28:30
Canada's been invited. Are you going to00:28:31
join?00:28:32
>> Uh we have been invited. Um and uh let00:28:35
me start by uh I I think we should00:28:37
recognize the progress that has been00:28:39
made um in at least uh getting to the00:28:44
towards the end of the first phase of00:28:46
this of this process and the activation00:28:49
if I can put it that way of the process00:28:51
to set up the border of peace is the00:28:53
start of phase two. U our view is and00:28:57
and that's to be welcomed and this is a00:28:59
this is a a positive vehicle. Our view00:29:02
is we need to work on the actual00:29:04
structure of the vehicle. You just00:29:06
referenced is it for Gaza? Well, the UN00:29:10
uh resolution, security council00:29:11
resolution 2803 references a border of00:29:14
peace for Gaza. That's where we see it00:29:18
becoming immediately operative and it00:29:20
needs to be in our view it's better to00:29:22
be designed in that way for the00:29:24
immediate uh needs there. There are many00:29:26
other needs around the world. First00:29:27
point, second point. uh it needs to00:29:30
coincide with the immediate full flow of00:29:33
humanitarian aid into Gaza. We are still00:29:36
not where we need to be. Conditions00:29:38
still are horrific. Uh so that needs to00:29:40
come alongside. We think there's aspects00:29:43
of the governance and the00:29:45
decision-making process that could be00:29:46
improved. Uh but we will work uh with00:29:49
others uh obviously work with the United00:29:51
States um because we will do anything00:29:54
that we can to improve the situation00:29:58
terrific situation there and to move uh00:30:01
onto a path to a two a true two-state00:30:04
solution.00:30:05
>> There's a suggestion you can get00:30:06
permanent membership of the board of00:30:07
peace uh by pwning up a billion dollars.00:30:10
Uh you you going to write a check for00:30:12
that? uh we would write checks uh and00:30:15
deliver in kind to uh improve uh the00:30:19
welfare of the people of Palestine, but00:30:22
we want to see it uh delivered direct uh00:30:25
to those outcomes, those outcomes00:30:26
promoting peace. Uh and so the mechanics00:30:29
and how it how it works that way.00:30:30
>> Okay, final question. Um00:30:34
President Trump and a lot of people who00:30:36
agree with him condemn globalism a lot.00:30:39
Um, and I I suspect, you know, you you00:30:43
would be the kind of epitome of a00:30:44
globalist. You know, you worked for00:30:46
Goldman Sachs, I believe you were a00:30:47
central banker. Um, you know, you're00:30:50
comfortable in lived in several00:30:51
countries. Is globalism first of all, is00:30:54
it a thing? And is it over?00:30:57
Um00:30:59
I think well look understanding how the00:31:03
world works having an appreciation for00:31:05
other cultures understanding the00:31:06
connections and and being able to or at00:31:09
least appreciating uh ways that how we00:31:13
connect whether it's through technology,00:31:15
trade, investment, culture, uh can00:31:17
enrich our lives and that's a good thing00:31:19
and also help solve problems. being00:31:22
detached from where you live and the00:31:25
broader needs of society. Uh00:31:29
there is an epithet for that. I I I00:31:31
don't know that the G-word is the one.00:31:33
uh there certainly what we're finding to00:31:37
go back to uh the points I was making is00:31:41
that there are a number of like-minded00:31:43
countries00:31:44
that want to work through uh through00:31:48
partnership uh to achieve those goals00:31:51
for their citizens and for the world uh00:31:53
more more broadly. The call is for more00:31:57
to recognize00:31:59
what's really going on right now and to00:32:02
uh and to pull their resources to the00:32:03
benefit of citizens. So it won't be00:32:06
global. It won't cover the globe. Uh but00:32:09
it will um be more powerful.00:32:11
>> Okay. Prime Minister, thank you very00:32:13
much indeed.00:32:19
Heat. Heat.Description:
A special address by Mark Carney, Prime Minister of Canada. Speakers: Mark Carney, Laurence D. Fink, Gideon Rachman The 56th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability. This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets. The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change. World Economic Forum Website ► http://www.weforum.org/ Facebook ► https://www.facebook.com/worldeconomicforum/ YouTube ► https://www.youtube.com/wef Instagram ► https://www.instagram.com/worldeconomicforum/ X ► https://twitter.com/wef LinkedIn ► https://www.linkedin.com/company/world-economic-forum TikTok ► https://www.tiktok.com/@worldeconomicforum Flipboard ► https://flipboard.com/@WEF #Davos2026 #WorldEconomicForum #wef26
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