Canada strengthens its ties with Mexico through the first Canada-Mexico High-Level Economic Dialogue
Canada and Mexico enjoy a dynamic, multi-faceted relationship characterized by deep people-to-people ties, rich cultural ties, and growing trade and investment.
Today, the Honorable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, and the Honorable François-Philippe Champagne, Minister of Innovation, Science and Joined virtually with Tatiana Clouthier Carrillo, Secretary of Economy of Mexico, 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 common interests. Ministers stressed that these dialogues are particularly important given the challenges in the global trade landscape resulting directly from Russia’s illegal invasion of Ukraine.
Ministers highlighted the competitive advantages shared by Canada and Mexico in areas 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 America’s competitiveness and economic integration. During the discussions, Canada and Mexico agreed to ask the Business Council of Canada and the Consejo Mexicano de Negocios (Mexican Business Council) to produce a joint study on partnerships with the private sector with concrete recommendations and identify priority sectors for pilot programming.
Minister Ng and Minister Champagne also highlighted the benefits of Canadian and Mexican bilateral investment and took the opportunity to reiterate Canada’s ongoing concern for the investment, business and regulatory climate in Mexico, particularly in the mining, energy and biotechnology sectors. They also noted Canada’s recent request for consultations under the Canada-United States-Mexico Agreement regarding certain Mexican measures in the electricity sector.
Ministers underscored the importance of building economies that support rules-based trade and inclusive economic growth that creates opportunities for groups deserving equity, 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 women. other underrepresented groups to participate in integrated regional supply chains. .
The dialogue concluded with the adoption of a joint statement highlighting the importance of Canada-Mexico economic and trade relations and efforts to advance policy initiatives on shared priorities.
- Two-way merchandise trade between Canada and Mexico was $41.7 billion in 2021.
- Mexico is Canada’s third largest merchandise trading partner (after the United States and China).
- Canada was Mexico’s sixth largest merchandise trading partner in 2021.
- Canadian direct investment in Mexico was $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.
- Canadian companies represent two-thirds of all foreign investment in Mexico’s mining sector. The total stock of Canadian direct investment abroad in Mexico in 2020 was over $28.8 billion.