The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, spoke yesterday with Raquel Buenrostro, Mexico's Secretary of Economy.
During the call, Minister Ng expressed her concern with Mexico's proposed mining reforms, which could affect Canadian investment in Mexico's mining sector, as well as potential impacts on North American competitiveness and supply chain resiliency. The minister reiterated the importance of conducting broad and transparent consultations with all stakeholders regarding the proposed reforms, including with Canadians companies, which represent the largest group of foreign investors in Mexico's mining sector.
Minister Ng reiterated the important contributions of Canadian mining companies to the Mexican economy, and highlighted the need for Canada and Mexico to work even closer together given the growing importance of mining and critical minerals for the clean economy of the future. To this end, Minister Ng urged Mexico to ensure they are upholding the spirit of commitments made by Leaders at the North American Leaders Summit and of the Canada-United States-Mexico Agreement (CUSMA).
Minister Ng also expressed her excitement in welcoming Secretary Buenrostro to Canada June 12-13, 2023 for a bilateral visit, including a meeting of the Canada-Mexico High-Level Economic Dialogue.
Quick Facts
- Two-way merchandise trade between Canada and Mexico was valued at $49.7 billion in 2022.
- Mexico is Canada's third-largest single-country merchandise trading partner after the United States and China.
- Canadian direct investment in Mexico was valued at $25 billion in 2021, making it 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.
