Mexico Launches Massive Trade Push in Canada Amid USMCA Review
A major Mexican trade mission kicked off Thursday in Canada as both countries look to deepen business ties ahead of the review of the North American free-trade pact – one that’s seen the two countries take different approaches in talks with the United States.
The mission is Mexico’s largest to Canada in recent memory, bringing more than 240 companies to Toronto and Montreal over two days for more than 1,800 business-to-business meetings.
Mexico’s Secretary of Economy, Marcelo Ebrard, plans to meet with executives from major companies including Air Canada AC-T , Bombardier Inc. BBD-B-T , Brookfield Corp. BN-T and Canadian National Railway Co. CNR-T , among others. He is also slated to lead meetings between Mexican companies and Canadian investment funds, including the Ontario Teachers’ Pension Plan, one of the largest pension funds in the world.
The visit comes at a delicate moment for North American trade relations. The Canada-United States-Mexico Agreement, known variously as CUSMA or the USMCA, is up for review this year, and there are concerns that U.S. President Donald Trump could walk away from the trilateral deal.
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“We can make North America the most competitive, dynamic and resilient region in the world,” said Dominic LeBlanc, Canada’s Minister responsible for Canada-U.S. trade, during the opening speech on Thursday in Toronto.
“The Canada-Mexico relationship is bonded by common values, by economic ambitions that have generated very considerable prosperity for both our countries over decades.”
He said Ottawa is preparing for a “robust and joint review” of USMCA with both Mexico and the United States.
“This collaboration offers enormous opportunities,” Mr. LeBlanc said. “Not only to reaffirm the benefits of this trilateral agreement for all three countries, but to build on its foundations and ensure that it responds to the realities of today and the global challenges of the coming years.”
He said Canada and Mexico are “stable trading partners” and pointed to efforts by both governments to expand business ties under a Canada-Mexico action plan announced earlier this year by Prime Minister Mark Carney and Mexican President Claudia Sheinbaum.
Mr. Ebrard said the mission is part of a longer-term strategy to deepen ties between the two countries at a time when the global economy is rapidly shifting. “We are looking for new opportunities. We want to work very closely with Canada, not just in this year, but the next 10, 20 or 50 years,” he said on Thursday.
Canada and Mexico have publicly emphasized co-operation ahead of the talks, portraying themselves as reliable trading partners. But behind the scenes, the two countries appear to be taking different approaches to Washington.
Mexico has been engaging more with the Trump administration and has signalled a willingness to move quickly on issues, leaning into Mr. Trump’s personalized approach to deal-making, while Canada has taken a more cautious approach.
The trade mission also highlighted the degree to which Canadian and Mexican supply chains have become intertwined over decades of free trade.
Fernando Lerdo de Tejada, deputy chief executive officer of Mexican baking giant Grupo Bimbo, said the company has invested more than $1.6-billion in Canada since 2014 and now operates 17 bakeries across seven provinces, employing more than 4,000 people directly.
The company plans to invest another $200-million in Canada through 2028, he said Thursday.
“This is what effective trade relationships look like in practice,” he said. “The economic and productive relationship between Canada and Mexico is naturally complementary.”
Mexico is Canada’s third-biggest source of imports after the U.S. and China, and sent $47-billion worth of goods to Canada in 2024, led by automobiles and parts, electronics and consumer products.
But Canadian exports to Mexico have been underwhelming. Canadian companies shipped around $8.6-billion of goods to the country in 2024. Exports to the U.S., by comparison, totalled around $600-billion that year, while exports to China were around $30-billion.
Bank of Nova Scotia CEO Scott Thomson said Mexico is one of the bank’s most important markets, representing approximately 10 per cent of the its overall earnings.
“The question now is whether we treat that advantage as a given, or whether we strengthen it deliberately,” Mr. Thomson said.
Scotiabank is the only Canadian bank in Mexico and is now the fourth-largest bank in the country.
“North America is one of the most trusted places in the world to do business, and it’s a platform we should use boldly,” he said.
This article was first reported by The Globe and Mail
