Canada will meet NATO’s military spending guideline by early next year and diversify defense spending away from the United States, Prime Minister Mark Carney said Monday, asserting that Washington no longer plays a predominant role on the world stage.

Saying that the era of the United States' dominance on the world stage is over, Prime Minister Mark Carney committed his government on Monday to meeting the NATO benchmark target of two per cent of the country's gross domestic product by the end of the current fiscal year in March.

Prime Minister Mark Carney is preparing to unveil a significant boost in military funding, positioning Canada to hit NATO’s defense spending benchmark of 2% of GDP by the 2025–26 fiscal year, Bloomberg News reported Monday,