The Mexican trade mission was launched in Toronto as businesses seek to expand ties with Canada
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A major trade campaign from Mexico to Canada was launched on Thursday, involving more than 200 Mexican businesses, looking to expand trade links during a two-day, two-city meeting that will include high-level talks on the Canada-US-Mexico Agreement (CUSMA).
The mission begins in Toronto on Thursday before moving to Montreal. It is the largest ever sent by Mexico to Canada, although it is a reduced version of the trip, which was originally announced to include Vancouver.
240 Mexican businesses have registered, with approximately 1,800 business-to-business meetings scheduled, according to Mexico's Secretariat of Economy. The trip comes as Canada and Mexico look to diversify their trade — both with each other and with each other — and become less dependent on the US, amid tax turmoil and general uncertainty around the world.
“It is clear that there are many opportunities for Mexico and Canada to work together,” said Fernando Vargas, CEO of Bloom White Label Partners, a digital services company based in Aguascalientes.
“We're up to date, we're in North America and we're holding the World Cup together.”
Vargas said his startup currently does 30 to 40 percent of its business in Canada, and he hopes the commercial activity will lay the groundwork for further expansion.
“Kuso that everyone can be somewhere else, and both countries are very interested in cooperation,” he said.
“I think that should continue; that should grow.”
During the campaign, Mexican Economy Secretary Marcelo Ebrard plans to meet with Canada-US Trade Minister Dominic LeBlanc to discuss the pending CUSMA review. Those meetings, which have not been designated as official negotiating sessions, are scheduled for Wednesday and Thursday.
While in Canada, he plans to meet with the CEOs of Air Canada, Bombardier, CN Rail and TC Energy, among others. Mexico's top trade official is expected to host a meeting between Mexican businesses and Canadian investment funds, including the Ontario Teachers' Pension Plan, one of the largest in the world.
“This is an unprecedented visit aimed at increasing our investment and trade with Canada,” Ebrard said in a statement.
The trade continues to grow
The visit to Mexico follows one of Canada's largest trade missions ever in February, which reached Mexico City, Guadalajara and Monterrey.
Canada and Mexico record nearly $62 billion in trade by 2025. Canada was the second-largest destination for Mexican goods last year, and those exports are set to grow 17 percent between 2024 and 2025, according to Mexican government figures.
Canada's trade with Mexico has seen a 12-fold increase since the North American Free Trade Agreement went into effect in 1995.
Luis Arzani, chief commercial officer of Grupo Xpress Internacional, said he hopes the commercial activity will help his transportation company create direct relationships with Canadian businesses and find new ways to coordinate commercial travel without the need for a US intermediary.
“We can put together a tunnel between loading something in Mexico and taking it to Canada with one connection point,” he said.
Prime Minister Mark Carney, when asked on Wednesday whether Canada should make more of a deal before revising the Canada-US-Mexico Agreement, said no – adding that he thought the talks could reach a 'successful' outcome. Radio-Canada reported that US officials are asking Canada what the 'entry fee' is before starting formal trade talks, according to four sources.
Armando Ortega, president of the Mexico-Canada bilateral committee of the Mexico Business Council for Foreign Commerce, said that Canada must be a priority for Mexico's capital, given the uncertainty surrounding the global economic situation.
Trade between the two countries has not yet reached real potential, he said.
“You need something that changes in terms of relationships,” Ortega said. “To me that … would be for Mexican money to start tapping into the Canadian market.
“That, in my opinion, will change the game.”
Ortega, who participated in the NAFTA negotiations, said that, at that time, Mexico and Canada found common ground and pushed the US to soften and change positions in certain sections of the final agreement.
He said the two countries must take the same approach with the review of CUSMA.
“Which is, in this case, to make sure you don't have just one trading partner setting the priority, or setting the agenda.”
