Canada and Mexico, Partners for Prosperity
September 14, 2017 – Mexico City, Mexico – Department of Finance Canada
Canada and Mexico enjoy one of the most productive relationships in the world, underpinned by strong people-to-people ties and a mutually beneficial trading relationship under the North American Free Trade Agreement (NAFTA), which has helped to strengthen the middle class. Sharing more than a continent, the two partners share a common commitment to creating prosperity and making life better for their citizens.
Canada's Finance Minister, Bill Morneau, joined Mexico's Secretary of Finance, José Antonio Meade, in Mexico City today for discussions about shared priorities that will create jobs and deepen the relationship between our two countries. Part of these discussions involved strengthening NAFTA, which is being modernized by Canada, Mexico and the United States.
In his address to the Canada-Mexico Chamber of Commerce, Minister Morneau spoke about the benefits NAFTA has brought to people throughout North America, as well as the long history of cooperation between Canada and Mexico when it comes to trade, labour mobility, tourism and travel, education and cultural exchange, as well as empowering women and Indigenous Peoples.
Minister Morneau also met with representatives from government, business and the financial sector to strengthen relationships and discuss new opportunities for Canadians and exporters.
Minister Morneau highlighted the importance of fair, free and open trade, and Canada's plan to strengthen the global economy so that the benefits of growth are widely shared by the world's middle class and those working hard to join it.
"Canada and Mexico understand how important it is to have a productive and respectful relationship—one that allows for greater trade and mobility of people in support of stronger, more inclusive and more innovation-driven growth. As Canada continues down its path toward long-term growth for the middle class, investment, innovation and increasing global ties, we will hold our strong bilateral relationship with Mexico as an example of the shared prosperity we can achieve by working together for the benefit of our people."
- Bill Morneau, Minister of Finance
For more than 70 years, Canada and Mexico have shared a vibrant relationship characterized by deep people-to-people ties, rich cultural connections and growing trade and investment. Our two countries work closely together in areas such as trade and investment, security, competitiveness and the environment to create a more integrated, sustainable and globally competitive North American economy:
- As a result of NAFTA, Canada's commercial relationship with Mexico is strong and growing. Just last year, we reached a milestone with bilateral merchandise trade totalling C$40.8 billion.
- Through the annual Canada-Mexico Partnership, we are encouraging even more collaboration between our public and private sectors in areas such as: energy; agri-business; labour mobility; human capital; trade, investment and innovation; environment; mining; and forestry.
- These efforts have resulted in Canadian direct investment in Mexico totalling roughly $17 billion (stock) in 2016, while Mexican direct investment in Canada is nearly $2 billion (stock).
Media may contact:
Office of the Minister of Finance
Department of Finance Canada