Committee leaders Carney and Sheinbaum formalize agreement to strengthen economic and defense alliances
Prime Minister Mark Carney of Canada and Mexican President Claudia Sheinbaum recently signed a comprehensive strategic partnership in Mexico City, aiming to deepen economic and security ties between the two nations. The bilateral trading relationship between Canada and Mexico is growing, with $55.6 billion in two-way merchandise trade in 2024 and $46.4 billion in direct investment in Mexico.
The agreement, which will complement the Canada-United States-Mexico Agreement (CUSMA), includes a plan to build infrastructure such as ports, rail, and energy corridors. Canada's Minister of Agriculture and Agri-Food, Heath MacDonald, will visit Mexico next month to discuss opportunities in agricultural trade. Canada-U.S. Trade Minister Dominic LeBlanc will lead a trade mission to Mexico shortly after to build on 'immediate opportunities' in trade and investment.
The deal also aims to tackle crime and protect the environment. Sheinbaum expressed concern about Canadian mining companies not complying with Mexico's environmental regulations, and Carney stated that open lines of communication with former U.S. President Trump remain. The agreement includes $9.9 million in funding for United Nations-led projects to combat drugs and support migrant integration.
Mexico wants to strengthen trade with Canada, according to Sheinbaum, and the agreement will do just that. However, the search results do not provide information about who will lead a Canadian business delegation to Mexico in February 2026 to discuss trade and investment opportunities.
The agreement comes after Ottawa was set to host the summit in 2024, but it was sidelined due to elections and political turmoil. Mexico and the U.S. have not held a North American leaders' summit since January 2023 in Mexico City. Sheinbaum mentioned the possibility of a trilateral meeting, but stated they will wait for a review before scheduling one.
The Canadian Chamber of Commerce has welcomed the announcement, calling it an 'integral step towards realizing the untapped potential of the Canada-Mexico relationship.' Carney stated that his visit was not intended to undermine the continental alliance, but rather to strengthen bilateral ties.
In a surprising turn of events, Carney and Sheinbaum also announced that Adam van Koeverden will serve as Canada's FIFA designated representative, working with his U.S. and Mexican counterparts for the successful 2026 FIFA World Cup. This move is expected to further solidify the bonds between the three nations.
Sheinbaum is navigating ties with China, having recently announced tariffs on Chinese cars and other goods in response to U.S. pressure. It remains to be seen how this will impact the growing relationship between Canada and Mexico. However, for now, both nations are focused on strengthening their partnership and exploring new opportunities for trade and cooperation.
Read also:
- Federal petition from CEI seeking federal intervention against state climate disclosure laws, alleging these laws negatively impact interstate commerce and surpass constitutional boundaries.
- Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
- Steak 'n Shake CEO's supposed poor leadership criticism sparks retaliation from Cracker Barrel, accusing him of self-interest
- President von der Leyen's address at the Fourth Renewable Hydrogen Summit, delivered remotely
