During the discussion, Minister Ng welcomed the views of the representatives on how changes in Mexico’s laws are affecting their businesses and investments and explored ways to manage these challenges. The minister reaffirmed Canada’s commitment to engage with Mexico to resolve these concerns, particularly regarding the rule of law, permit issues, and changes to Mexico’s energy sector. November 23, 2022 – Mexico City, Mexico – Global Affairs Canada The minister also discussed the ongoing work on the Canada-Mexico High-Level Economic Dialogue to strengthen competitiveness and innovation and exchanged views on how to best achieve its goal. Minister Ng sought input from the business representatives on how they are using their Mexican operations to make North American supply chains more resilient, help Canadian companies source goods from within the region, and contribute to well-paying jobs and prosperity in both countries. Minister Ng noted that Canada is committed to responsible business conduct at home and abroad and to supporting Canadian companies’ efforts to act in an economic, social and environmentally sustainable way. Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, met with representatives of Canadian businesses operating in Mexico’s energy, mining, and manufacturing sectors on the margins of the Pacific Alliance Summit. Minister Ng highlighted issues related to the overall investment climate in Mexico as well as supply chain resiliency, nearshoring, and Canada’s Responsible Business Conduct Strategy. Minister Ng highlighted efforts to defend the interests of Canadian companies and investors to date, including through the ongoing Canada-United States-Mexico Agreement consultations regarding certain energy sector reform measures. She indicated that Canada is prepared to explore all available options to reach a resolution that provides long-term predictability.
- Two-way merchandise trade between Canada and Mexico was valued at $41.7 billion in in 2021.
- 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 that country.
- Canadian companies represent two thirds of all the foreign investment in Mexico’s mining sector. The total stock of Canadian direct investment in Mexico in 2021 was valued at more than $25 billion.