MOSCOW (Sputnik) - French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau have agreed on the establishment of the Joint Council for Defense Cooperation, LCI broadcaster reported on Thursday.

According to the LCI broadcaster, the French-Canadian Council for Defense Cooperation will meet by the end of the year. The new structure is expected to enable better coordination between French and Canadian forces.

On Wednesday, Macron arrived in Ottawa for a working visit ahead of the two-day G7 Summit, scheduled to start in Canada’s Charlevoix region on Friday.

Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron announced plans to establish a transatlantic investment fund that will provide over $92 million to develop businesses in both countries, the government of Canada said in a press release.

"The two leaders committed to set up the Fonds Transatlantique (Transatlantic Fund), which will invest just over $120 million [Canadian dollars, or 92 million US dollars] in French and Canadian companies that want to develop their business on the other continent," the release said.

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The joint communique cited by the TV channel stresses the two countries’ commitment to joint actions amid the complicated geopolitical context.

The politicians have also agreed on the establishment of the council of ministers of the two countries, which will convene at least every two years, according to the broadcaster.

Recently, Canadian Prime Minister Justin Trudeau declined a US proposal on Wednesday to scrap the North American Free Trade Agreement and sign a bilateral trade pact.

Canada's Trade Minister Francois Philippe Champagne, commenting on the recently introduced US tariffs, called it the attack on the world economic order.

Fench President Emmanuel Macron said that France insisted on lifting the tariffs without any conditions and restrictions "from the perspective of the European sovereignty."