Minister Morneau Meets With Mexican Counterpart to Build on Strong Ties
January 18, 2018 – Toronto, Ontario – Department of Finance Canada
Canada and Mexico enjoy one of the most productive relationships in the world, reinforced by a mutually beneficial trading relationship, which has helped to strengthen the middle class. Canada continues to work closely with Mexico to strengthen their trade relationship, modernize the North American Free Trade Agreement (NAFTA), and create new opportunities for workers, businesses and middle class families.
Today, Finance Minister Bill Morneau welcomed his Mexican counterpart, recently appointed Secretary of Finance and Public Credit José Antonio González Anaya, in Toronto to establish their working relationship. The meeting marked Secretary González's first visit to Canada in his new capacity. Minister Morneau and Secretary González discussed shared priorities that will create jobs and deepen the relationship between the two countries. Part of these discussions involved the importance of strengthening NAFTA as an engine of growth and prosperity for both countries. In September of last year, Minister Morneau travelled to Mexico City to meet with Secretary González's predecessor and addressed the Canada-Mexico Chamber of Commerce.
Minister Morneau and Secretary González also met with Canadian business leaders from the energy and mining sector, as well as the financial sector, who have investments and operations in Mexico. 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 middle class.
"Canada and Mexico enjoy a strong and mutually beneficial relationship—one that encourages greater trade and mobility of people in support of stronger, more inclusive and more innovation-driven growth. I welcome the opportunity to continue to deepen what is already a very strong, productive and rich relationship."
- 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. The 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. Mexico is Canada's third largest trading partner, and in 2016 Canada reached a milestone with bilateral merchandise trade totalling C$40.8 billion.
- Through the annual Canada-Mexico Partnership, more collaboration between the public and private sectors is being encouraged 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 C$17 billion (stock) in 2016, while Mexican direct investment in Canada is nearly C$2 billion (stock).
- Nearly 2 million Canadians travel to Mexico every year for business or pleasure.
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Department of Finance Canada
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