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.

Prime Minister Mark Carney promised to hit the alliance’s 2 percent spending threshold this year, seven years ahead of a previous schedule.

Canada’s decision to ramp up military spending at a faster-than-expected pace marks a “significant event” for the country’s fiscal direction, Prime Minister Mark Carney said.