Canada will meet NATO's military spending guideline by early next year and diversify defence spending away from the United States, Prime Minister Mark Carney said Monday, asserting that Washington no longer plays a predominant role on the world stage. The announcement means Canada will achieve NATO's spending target of 2 per cent of gross domestic product five years earlier than previously planned.

'Our military infrastructure and equipment have aged, hindering our military preparedness," Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly, we are too reliant on the United States.'

According to NATO figures, Canada was estimated to be spending 1.33 per cent of GDP on its military budget in 2023, below the 2 per cent target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said in a speech at the University of Toronto.