Canadian Prime Minister Mark Carney announced that Canada has selected Germany's TKMS to enter negotiations for a new fleet of up to 12 submarines, marking what he described as the country's largest defence procurement to date. During the press conference, Carney defended the decision, saying Germany and Norway had offered production slots that could accelerate deliveries, with the first four submarines expected by 2034 if negotiations are successful.

The announcement prompted questions over delivery timelines, industrial capacity, costs and why South Korea's Hanwha Ocean was not selected. Carney said the competing Korean proposal was strong but argued the TKMS consortium, which supplies around a third of NATO's submarines, offered the best overall solution for Canada.

The Prime Minister also rejected suggestions that the decision signals a retreat from Canada's Indo-Pacific strategy, pointing to continued engagement with South Korea, ASEAN, APEC and ongoing trade negotiations with India. He added that negotiations will also cover industrial benefits, including renewable energy opportunities and potential cooperation on green hydrogen.

Watch the key moments from Mark Carney's announcement, his defence of the TKMS selection and the questions surrounding Canada's future submarine fleet.

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