Energy represents a significant portion of the trade and investment relationship between Canada and the European Union. Additionally, current concerns over energy security and the effects of the energy industry on the environment make energy an even more important issue. At the 2007 EU-Canada Summit, Leaders announced the creation of a High Level Energy Dialogue (HLED) between Canada and the European Union. Established to foster increased bilateral contacts and cooperation on energy, the HLED provides an annual forum to discuss energy policy issues, such as market transparency, maintaining a safe, sustainable and competitive energy supply, as well as research and development activities in this dynamic field.
The first meeting of the HLED, held in June 2008, identified three key areas of particular interest for cooperation: