Mexico is interested in strengthening the investment climate with Canada.Through the T-MEC and other trade agreements, for which it prepares bilateral working groups.
T-MEC
The Trade Agreement between Mexico, the United States, and Canada (T-MEC) replaced the North American Free Trade Agreement (NAFTA), which has been in force for 26 years.
We are interested in collaborating in a strategic relationship, strengthening our competitive advantages, strengthening the business and investment climate, and taking advantage of the opportunity T-MEC has given us.
Tatiana Clouthier, head of the Ministry of Economy.
For Mexico, the main advantage of T-MEC is foreign investment. Other benefits include promoting the growth of digital commerce and strengthening consumer data. Likewise, it will provide greater access to financial services and more opportunities for financial institutions in the country.
Canada and the United States recently denounced Mexico for not complying with T-MEC rules in the energy sector.
Canada is Mexico’s fifth most important trading partner; with a trade exchange of 24.3 billion dollars at the end of 2021. Also, Canadian foreign direct investment is the third largest source of foreign capital flows, with close to 49 billion dollars.
Mexico is Canada’s third most important trading partner and one of the nations with the most appropriate foreign investment, including in the energy sector.
Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade.
The Canadian government is interested in maintaining collaboration with Mexico through the T-MEC to strengthen economic growth.
We recommend: Canada and Germany to sign energy – hydrogen deal.
High-Level Economic Dialogue
During the launch of this Dialogue; representatives from Canada and Mexico established four pillars on which the negotiations will be based.
Rebuilding Together:
They will collaborate to maintain a stable economic and trade environment that allows their joint production schemes to thrive. Specifically to strengthen supply chains and to have modern and efficient border infrastructure.
Promote Sustainable Economic and Social Development in Southern Mexico and Central America:
Work on complementary and collaborative opportunities. To improve the quality of life for people through job creation and economic opportunities, encouraging investment in the region.
Securing the Tools for Prosperity:
Aware that the future of the economy contains a central digital component and committed to fostering a more inclusive society. They will collaborate on issues related to regulatory and technical harmonization, fostering digital innovation, and the development and use of new information and communication technologies, networks, telecommunications, infrastructure, among others.
Investing in Our People:
The objective of the HLED is the prosperity of both peoples. So they will also work to include neglected sectors. Such as women, indigenous communities, youth, and the LGBTQ+ population, through initiatives that encourage their participation in the economy.
