00:00I mean, from the EU's perspective, obviously, Canada is a large, very developed, progressive democracy and, you know, culturally close
00:09to the EU as well.
00:10But also economically, the EU doesn't have a lot of natural resources.
00:14I mean, it does. But comparatively, you know, in territorial terms, the bloc is relatively small.
00:19A lot of it is either built up or was overexploited in the past and is pretty modest.
00:23You know, in particular, the EU used to rely quite heavily on Russia for oil and for lumber.
00:30Both of which are enormous industries in Canada.
00:32You know, the EU imports a lot of wood from China and the US at the moment, and they obviously
00:37want to diversify that.
00:38But the crucial thing that Canada possesses is huge reserves of rare earths, one of the largest in the world,
00:44in fact, estimated to be more than 15 million tons.
00:47And that's crucial if the EU wants to compete at all in any of the areas of tech that are
00:51currently pretty much sewn up by China.
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