🇨🇦 Canadian Prime Minister Mark Carney told the World Economic Forum at Davos that the U.S.-led “rules-based international order” is finished and “will not return.” “For decades, countries like Canada benefited from what was called the rules-based international order,” Carney said. “We joined its institutions. We praised its principles. We benefited from its predictability.” But, he added, “we knew the story… was partially false.” “The strongest would exempt themselves when convenient,” Carney said, arguing that “trade rules were enforced asymmetrically,” and “international law applied with varying rigor depending on the identity of the accused or its victim.” “We participated in the rituals. And we largely avoided calling out the gaps between rhetoric and reality.” That “pleasant fiction,” he states, no longer works. The new world is one where economic integration and financial infrastructure are openly used by hegemons—hinting at the United States—as “weapons” for “economic coercion.” Carney rejected reliance on bilateral deals with dominant powers. “When we only negotiate bilaterally with a hegemon, we negotiate from weakness,” he said. “This is not sovereignty. It is the performance of sovereignty while accepting subordination.” Instead, he called for “values-based realism,” urging middle powers to act together and build a third path that is not a “world of fortresses,” but partnerships with partners with shared standards. If you are not at the table,” Carney said, “you are on the menu.” His remarks were met with a rare standing ovation in the room. Full speech below.