CANADA UNVEILS BUDGET TO REDUCE US RELIANCE

OTTAWA, Nov 5 (Bernama-Xinhua) -- The Canadian federal government on Tuesday unveiled its federal budget, proposing strategic investments to bolster the country's economic self-sufficiency and resilience amid global uncertainty and to reduce its reliance on the United States, reported Xinhua.

Titled "Canada Strong," the first budget since Prime Minister Mark Carney took office is expected to make generational investments in housing, infrastructure, defense, productivity and competitiveness over the next five years through smarter public spending and stronger capital investment, which will enable C$1 trillion in total investments.

Presenting the budget in the House of Commons, Minister of Finance and National Revenue Francois-Philippe Champagne said the international trading system is being reshaped and that Canada must take proactive steps.

"Our plan is to transform our economy from one that is reliant on a single trade partner to one that is stronger and more resilient to global shocks," he said.

According to the parliamentary schedule, a key vote on the budget is expected later this month. As the ruling Liberal Party holds a minority of seats in parliament, the budget's passage requires the support of at least one major opposition party. The vote is considered a matter of confidence, and a defeat could trigger a snap federal election.

Carney's Liberal Party formed a minority government after winning the federal election on April 28. 

--BERNAMA-XINHUA