Yesterday, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, met with Raquel Buenrostro, Mexico's Secretary of Economy at the fourth Canada-United States-Mexico Agreement (CUSMA) Free Trade Commission meeting hosted by the United States in Phoenix, Arizona.
Minister Ng stressed the importance of continuing to implement CUSMA and strengthening North American economic ties which make the region attractive for Canadian investors. She reiterated her commitment to working with Mexico to ensure a stable and prosperous bilateral trade and investment relationship.
The minister raised Canada's concerns about Mexico's policies on renewable energy, mining, and Mexico's New Law for an Adequate and Sustainable Diet. She also emphasized the need to protect the integrity of the North American market for steel and aluminum.
Minister Ng noted that Canada looks forward to hosting the fifth Free Trade Commission meeting next year.
Quick facts
- Canadian trade and investment with Mexico is steadily growing, with nearly $55 billion in two-way merchandise trade in 2023.
- Mexico is Canada's third largest single-country merchandise trading partner (after U.S. and China.)
- Canada was Mexico's fourth-largest merchandise trading partner in 2023.
- Canadian Direct Investment in Mexico was $40.4B in 2023, making it Canada's ninth largest direct investment destination.
- CUSMA has been in force since July 1, 2020. It reinforces North American supply chains and enables Canada, the U.S. and Mexico to compete as a regional bloc on the global market.
