According to a draft joint statement from the upcoming Montreal summit, Canada and the European Union intend to link their next-generation payment systems in order to carry out cross-border transactions more quickly.

The plan has been designed within the framework of a new partnership known as the “Coalition for the Future,” and its aim has been announced as modernizing settlement and instant payments infrastructure, reducing barriers to investment, and facilitating bilateral trade between Canada and the European Union.

By Mahsa Mortazavi, a member of the Iran International editorial team