A trade delegation from Canada is currently in Mexico with the potential to finalize new agreements by early spring, making it the most significant mission to Mexico in Canadian history, according to Canada-U.S. Trade Minister Dominic LeBlanc. The delegation, led by LeBlanc, includes over 370 Canadian representatives and more than 200 businesses visiting Mexico City, Monterrey, and Guadalajara.
In 2024, Canadian trade with Mexico reached $56 billion, marking a substantial increase since the implementation of the North American Free Trade Agreement (NAFTA) in 1995. Mexico stands as Canada’s third-largest trading partner, following the U.S. and China. LeBlanc expressed that there is still immense potential for expanding trade opportunities between the two countries.
LeBlanc, accompanied by Heritage Minister Marc Miller and Agriculture Minister Heath MacDonald, anticipates that the mission could pave the way for new business connections in the near future. The aim is to return by the end of March to potentially finalize deals that could lead to direct business prospects.
Chad Watson, the CEO of Quickmill based in Peterborough, Ontario, is part of the trade mission. The company, specializing in industrial machine tools, aims to diversify its customer base globally. With around $2 million in annual business in Mexico, Quickmill generates the bulk of its $20 million in yearly sales from the U.S. market. The company’s exports fall under the Canada-U.S.-Mexico Agreement (CUSMA), which replaced NAFTA.
Amid trade uncertainties, particularly surrounding CUSMA negotiations, Mexico has become an increasingly attractive market for businesses like Quickmill due to the shifting trade landscape. The Mexican government has reiterated its commitment to the trilateral trade agreement amid upcoming renegotiations this summer.
Jorge Rave, the regional vice-president for Latin America and the Caribbean at Export Development Canada, noted a shift in Canadian businesses’ mindset due to growing trade volumes and geopolitical changes. He highlighted an increasing interest among Canadian entrepreneurs in exploring new export opportunities, reflecting an evolution in their strategic thinking.
Andrés Friedman, CEO and co-founder of Solfium, emphasized Mexico’s appeal as an ideal market for his cleantech startup, attributing factors such as the country’s young workforce, education levels, and large market size. Solfium has seen significant growth in Mexico, expanding from three to 60 employees since 2021.
The Canadian delegation’s visit coincides with recent security concerns following the kidnapping of 10 workers from a Canadian mining company in Sinaloa, with five fatalities reported. Despite these challenges, LeBlanc reassured that both Canadian and Mexican authorities are closely collaborating on security matters to safeguard Canadian citizens, businesses, and investments in Mexico. He expressed confidence in Mexico’s advancements in bolstering security efforts under President Claudia Sheinbaum’s administration.