OTTAWA, Dec. 1 (Xinhua) -- Canadian Prime Minister Mark Carney announced on Monday the conclusion of negotiations for Canada's participation in the EU's Security Action for Europe (SAFE).

In a news release from the prime minister's official website, Carney said Canada and the EU will work to swiftly ratify the bilateral SAFE agreement with the goal to officially launch Canada's participation in SAFE in the coming weeks.

Carney said Canadian participation will give Canada's defense industry expanded access to the European market, attract new reliable suppliers for the Canadian Armed Forces, and catalyze massive private investment in Canada -- creating higher-paying careers, growing Canadian industries, and bolstering transatlantic defense readiness.

With this agreement, Canada will become the only country outside of Europe with preferential access, he added.

According to the release, Canada will establish a new Defence Investment Agency to remove red tape, centralize review and approval and bolster industrial capacity.

The EU Council officially approved the establishment of the SAFE instrument in May, which would provide a total of 150 billion euros (174 billion U.S. dollars) in financial support for member states to procure security and defense equipment through long-term loans with preferential interest rates.

In June, Canada and the EU signed a Security and Defence Partnership, establishing a framework for cooperation in the fields of security and defense. ■