Canada and Mexico share a vibrant, multi-faceted relationship that is characterized by deep people-to-people ties, rich cultural connections and growing trade and investment.
Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry virtually joined Tatiana Clouthier Carrillo, Mexico’s Secretary of Economy, for the first Canada-Mexico-High Level Economic Dialogue.
Ministers Ng and Champagne welcomed the meeting as an opportunity for Canada and Mexico to discuss ways to strengthen trade, investment, inclusive economic growth, and competitiveness by engaging constructively and collaboratively across a range of shared interests. The ministers underscored that these dialogues are particularly important given the challenges in the global trade landscape directly resulting from Russia’s illegal invasion of Ukraine.
The ministers highlighted the competitive advantages shared by Canada and Mexico in sectors of the future economy, such as clean energy. They discussed the importance of workforce development and efforts to foster a collaborative business environment that enhances North American competitiveness and economic integration. In the discussions, Canada and Mexico agreed to ask the Business Council of Canada and Consejo Mexicano de Negocios (Mexican Business Council) to produce a joint study on private sector partnerships with actionable recommendations, and identify priority sectors for pilot programming.
Minister Ng and Minister Champagne also underscored the benefits of Canadian and Mexican bilateral investments, and seized the opportunity to reiterate Canada’s ongoing concern with the investment, business, and regulatory climate in Mexico, especially in the mining, energy, and biotechnology sectors. They also noted Canada’s recent request for consultations under Canada-United States-Mexico Agreement with respect to certain Mexican measures in the electricity sector.
The ministers emphasized the importance of building economies that support rules-based trade and inclusive economic growth that creates opportunities for equity-deserving groups, including women and Indigenous peoples. Minister Ng asked the Canadian embassy in Mexico to compile a list of Mexican supplier diversity programs, to identify opportunities for Canadian and Mexican small and medium sized businesses led by women, Indigenous peoples, and other under-represented groups to participate in integrated regional supply chains.
The dialogue concluded with the adoption of a joint statement outlining the importance of the economic and commercial relationship between Canada and Mexico and efforts to advance strategic initiatives on shared priorities.
- Two-way merchandise trade between Canada and Mexico was $41.7 billion in in 2021.
- Mexico is Canada’s third largest single-country merchandise trading partner (after U.S. and China).
- Canada was Mexico’s sixth-largest merchandise trading partner in 2021.
- Canadian direct investment in Mexico was $25 billion in 2021, which is Canada’s ninth largest direct investment destination.
- Mexico has been identified as a priority market for Export Development Canada, which has operated a regional office in Mexico since 2000, providing extensive financial services related to Canadian exports and investments in the country.
- Canadian companies represent two-thirds of all the foreign investment in Mexico’s mining sector. The total stock of Canadian direct investment abroad in Mexico in 2020 was more than $28.8 billion.