Canada and the UK decided to form a trade working group, which will provide its findings to their respective prime ministers within the next six months.
Prior to the G7 leaders' conference in Alberta from Sunday to Tuesday, British Prime Minister Keir Starmer arrived in Canada for one-on-one meetings with Prime Minister Mark Carney.
Due to US tariffs on key industries, particularly steel, aluminum, and autos, Carney has been contacting partners to expand and diversify the nation's trade.
The working group would look to remove obstacles to market access, broaden agreements to include digital trade, and investigate collaboration to build vital infrastructure for artificial intelligence and minerals.
Despite being a significant commercial partner, the UK only accounts for a modest portion of Canada's exports.
According to the Conference Board of Canada, the UK accounted for 1.2 percent of the nation's imports and 3.6 percent of its exports in 2024.
Gold and energy goods account for the majority of exports to the UK.
In addition, the joint statement stated that Canada would present legislation to ratify the UK's entry into the Comprehensive and Progressive Trans-Pacific Partnership, an 11-nation free trade club, in the second half of the year.
Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and Canada are all members of the group.
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The Indo-Pacific trade accord, which the UK obtained access to nine nations under last year, is still pending Canada's and Mexico's ratification.
Additionally, the two nations will increase defense cooperation, including assistance for Ukraine.