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.

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.

Canada has been under heavy pressure from the United States and other NATO allies for years to increase funding for its military. Canada currently spends about 1.4% of GDP on defense. "Now is the time to act with urgency,