Full Breakdown
Canada and Angola Move Toward Economic Cooperation Agreement
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Core Negotiations
Prime Minister Mark Carney and Angolan President João Lourenço met on the sidelines of the United Nations General Assembly and agreed to work toward concluding a memorandum of understanding that will frame future deals. The talks focus on mining and critical minerals, with both sides describing the partnership as a “natural complementarity” of Angola’s resource base and Canada’s mining expertise.
Trade-Diversification Background
Ottawa’s new Africa Strategy, released last year, seeks to expand Canada’s commercial presence on the continent, which has historically been modest compared with other G7 members. Angola, Africa’s sixth-largest economy, is trying to reduce its reliance on oil by promoting minerals such as copper, lithium, niobium and rare earths. The Lobito Corridor—a railway linking the Atlantic port of Lobito to the copper-cobalt belt of the Democratic Republic of the Congo—has been highlighted as a strategic asset for future mineral exports.
Data & Trade Figures
Canada’s oil imports from Angola had totaled billions of dollars before 2015, and goods trade rose sharply in the most recent year, reaching roughly $200 million—up from $85 million the year before. The increase was driven largely by aircraft-related shipments.
Official Statements & Responses
A statement from the Prime Minister’s office said the two leaders “agreed to work toward” the economic cooperation agreement and that mining will be a “top priority.” Global Affairs Canada spokesperson Aditee Kissoon noted that details of the proposed memorandum are still being worked out. Assistant Deputy Minister Cheryl Urban met Angolan Secretary of State for Mineral Resources Jânio Correia Victor in Luanda earlier this year to discuss investment opportunities.
Verbatim Quotes
- “Angola has the resources and is actively trying to broaden its mining investor base, and Canada has the companies, capital markets, technical expertise and mining-services ecosystem, so there is a fairly natural complementarity,” — Marisa Lourenço, a Johannesburg-based regional analyst
- “Canada has historically been relatively underengaged commercially in Africa, particularly compared with some of its G7 peers,” — Ms. Lourenço, a Johannesburg-based regional analyst
These developments signal a shift toward deeper Canada-Angola collaboration in the mining sector, aligning with Ottawa’s broader goal of diversifying critical-minerals supply chains and reducing dependence on traditional partners.