The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, spoke today with Raquel Buenrostro, Mexico’s Secretary of Economy. The minister noted Canada remains committed to working with Mexico to maintain resilient supply chains, support stable and predictable trade, and increase competitiveness to the benefit of workers in both countries. November 4, 2022 – Ottawa, Ontario – Global Affairs Canada At the meeting, Minister Ng reaffirmed Canada’s commitment to advancing the ongoing implementation of the Canada-United States-Mexico Agreement (CUSMA), and continue the work being done under initiatives such as the Canada-Mexico High Level Economic Dialogue to deepen bilateral business, trade and investment ties and support inclusive and resilient economic growth. Minister Ng congratulated Secretary Buenrostro on her new role in Cabinet and reiterated her commitment to continue building on the longstanding close trade and investment relationship between Canada and Mexico. Minister Ng reiterated Canada’s ongoing concerns with the investment climate in Mexico, especially in the energy and mining sectors. Specifically, she emphasized Canada’s concerns raised in the ongoing consultations Canada initiated under CUSMA with respect to certain energy sector reform measures. Minister Ng also raised Canada’s concerns with Mexico’s approach to biotechnology approvals, particularly in the context of growing food security concerns globally, and the importance of a science-based regulatory process. Minister Ng noted that she looked forward to the opportunity to meet Secretary Buenrostro in person in the near future.
Quick facts
- 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).
- 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 the foreign investment in Mexico’s mining sector. The total stock of Canadian direct investment abroad in Mexico in 2021 was more than $25 billion.
