From global conflicts to climate change and competition in space, the United States and Canada should redefine what security means in an increasingly connected world. The question is how two long-time partners can continue to turn shared challenges into collective strength. 

That theme anchored the “Fortifying the Future: Security and Defense Challenges in North America” panel at the third annual US-Canada Summit, hosted by BMO and Eurasia Group, which featured:  

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  Cara Abercrombie, Former Acting Deputy Under Secretary of Defense for Policy and Former Assistant Secretary of Defense for Acquisition 

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  Mike Greenley, CEO, MDA Space 

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  Jeff Hanman, Executive Vice President and Chief Strategy Officer, Teck Resources 

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  Jane Harman, Chair of the Commission on the National Defense Strategy 

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  Marc Gustafson, Director of Analysis at Eurasia Group (moderator) 

Below are highlights of the discussion. 

For MDA’s Mike Greenley, Canada’s decision to raise annual defense spending from roughly 2% of GDP to 5%, or about $150 billion within the decade, marks an important shift in allied relations. “Canada is going to do its part in defending itself and contributing relevant capabilities to allies, and that creates opportunity,” he said.  

But the move also brings new complexities. Canada’s plan to grow its domestic defense sector and reduce the 75 cents of every defense dollar that currently goes to the U.S. will inevitably reshape trade dynamics. Greenley said the challenge will be finding the right balance between protecting Canada’s industrial base and keeping markets open for trusted allies.  

“When we engage with the United States on USMCA or with Europe in new trade relationships, those governments are going to want to get access for their defense industries to Canada’s increasing defense spending,” he said. 

That balance, the panel agreed, is what defines the strength of the alliance itself. Harman reminded the audience that the two countries’ security and prosperity are already intertwined through shared air-defense systems, intelligence networks and critical supply chains.  

Abercrombie added that this integration is more than symbolic. Under U.S. law, defense goods and services produced in Canada are treated as domestic, allowing the Pentagon to buy Canadian tech and components as if they were American-made. The result is a truly shared defense ecosystem – one that helps both countries to co-develop capabilities, move faster on procurement and respond jointly to emerging threats. “That’s a huge strength,” she said. 

Space and the Arctic are new arenas of cooperation and competition. Climate change, technology and geopolitics are redrawing the boundaries of security and commerce. Abercrombie said the next U.S. National Defense Strategy will make homeland defense its top priority, adding, “We can’t do that without Canada.”  

Modernization of the North American Aerospace Defense Command (NORAD) is central to this effort, with both countries investing in new capabilities to strengthen early warning and response. She pointed to work underway on integrated air and missile defenses, including a proposed layered system known as Golden Dome, as an example of how collaboration between the U.S. and Canada is essential to future security. 

The system’s success, she said, will depend on detecting, sensing, tracking, and engaging any incoming threats. “It’s a huge opportunity for the commercial space sector,” she added. 

Greenley said Canadian industry is ready to play its part. “As a CEO of a satellite company, we can absolutely contribute earth-observation satellites, space-observation satellites and communication systems to Golden Dome, or to NORAD modernization, or to other challenges that come forward,” he said.  

The global space economy is now worth about $600 billion a year and could reach $1.8 trillion by 2040, according to Greenley. He added that China projects a $10 trillion annual space economy by 2050, underscoring how critical it is for North America to stay competitive.  

Harman said investments in frontier areas can also open new resource corridors and strengthen North America’s economic resilience.  

Every advance in defense and technology depends on critical minerals such as copper, nickel and specialty materials like germanium and antimony. They power everything from satellites and cloud infrastructure to electric vehicles (EVs).  

An EV, for example, requires about four times more copper than a conventional gasoline-powered car, while advanced defense and space systems depend on a steady supply of critical minerals.  

China currently controls between 40 and 100 percent of global refining capacity, depending on the mineral. That leaves the door open to potential price manipulation and supply-chain disruptions. “Anytime you have that degree of concentration, it introduces risk,” Hanman said.  

At the same time, there is an opportunity. Citing International Energy Agency projections, Hanman noted that global demand for copper is expected to rise by seven million tons by 2040.  

“The good news is we actually have the resource endowment in Canada and the U.S. to meet that level of demand,” he added. However, it can take up to 20 years to permit a new mine in either country.  

Despite the challenges, the discussion ended on an optimistic note. The speakers agreed that building stronger supply chains, investing in technology and expanding cross-border partnerships will define North America’s next era of security and growth. 

“Space doesn’t recognize national boundaries,” said Harman. “We’re in this together, and we have to be working together.”