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Riyadh, Paris Set to Boost Strategic Cooperation in Various Fields

French minister delegate for foreign trade and economic attractiveness Franck Riester, Asharq Al-Awsat
French minister delegate for foreign trade and economic attractiveness Franck Riester, Asharq Al-Awsat
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Riyadh, Paris Set to Boost Strategic Cooperation in Various Fields

French minister delegate for foreign trade and economic attractiveness Franck Riester, Asharq Al-Awsat
French minister delegate for foreign trade and economic attractiveness Franck Riester, Asharq Al-Awsat

Riyadh and Paris are launching a new phase for developing their shared strategic partnership in various economic, investment and trade fields, reported a senior French official, revealing that the two countries could be signing much anticipated agreements next week.

Franck Riester, French minister delegate for foreign trade and economic attractiveness, reaffirmed that awaited deals and understandings will cover a number of sectors, including nuclear and renewable energy.

Water, healthcare, digital economies, innovation and logistics industries are also fields that could witness a strengthening Saudi-French cooperation.

France is seeking to develop its economic relationship with Saudi Arabia under the framework of the partnership agreed between President Emmanuel Macron and Crown Prince Mohammed bin Salman back in 2018.

“I am here in Riyadh for one day upon the invitation of Saudi Investment Minister Khalid Al-Falih,” Riester told Asharq Al-Awsat, adding that his visit to the kingdom presents a good opportunity for him to gain an audience with former and current ministers and investors.

“We are currently starting a new phase in the development of the French-Saudi partnership as a result of joint efforts exerted by President Macron and Saudi Crown Prince Mohammed bin Salman,” affirmed the delegate.

Riester also explained that the outcomes of discussions and meetings he held during his one-day visit to Saudi Arabia will lay the foundations for boosting ties with France and reflect positively on both countries.

Other than growing the volume of import and export exchange between the Kingdom and France, the two states are also looking to increase their investments in each other’s industries.

“We are currently working on several different areas in which agreements will be struck next week,” said Riester, adding that he discussed with Saudi officials several upcoming contracts that will be signed between French and Saudi companies.

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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
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Carney Vows to Transform Canada Economy to Withstand Trump

Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP
Canada's Prime Minister Mark Carney speaks at a press conference in Ottawa, Ontario, on May 2, 2025 - AFP

Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada's economy since the end of the Second World War to enable it to "stand up" to Donald Trump.

Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president's threats to Canada's economy and sovereignty.

Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.

At his first press conference since his victory, Carney struck a determined note.

Known for weighing his words carefully, he said that he was "in politics to do great things, not to be something."

"And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust," he said.

Canada's strained relations with the United States -- historically, its close ally and biggest trading partner -- was among his "immediate priorities," he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.

Canadians elected him "to stand up to President Trump," he said, adding that he will act "with focus and determination."

"Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations," said Carney.

But he warned also not to expect any "white smoke" from their first meeting signaling a sudden breakthrough.

Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors "based on steadily increasing integration is over."

"The questions now are how our nations will cooperate in the future," he said.

Trump "respects strength," he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.

The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.

Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington's measures were in place.

"This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy," Carney said.

To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with "reliable allies."

"Canada has what the world needs, and we uphold the values the world respects," he said.