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 is set to announce a large increase in defense spending which would allow Canada to meet NATO’s target this fiscal year, according to The Globe and Mail.

Canada, under pressure to spend more on its military, vowed on Monday to boost funding for the armed forces and hit NATO's 2% military spending target this fiscal year, five years earlier than promised.