Minister Ng concludes successful Canada-United States-Mexico Agreement Free Trade Commission meeting

From: Global Affairs Canada

News release

July 7, 2023 - Cancún, Mexico - Global Affairs Canada

The Canada-United States-Mexico Agreement (CUSMA) is one of the largest free trade agreements in the world, generating nearly $2 trillion in trade, leading to economic growth and helping to raise the standard of living in all 3 countries.

The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Ambassador Katherine Tai, United States Trade Representative, and Raquel Buenrostro, Mexico’s Secretary of Economy, participated in the third meeting of the CUSMA Free Trade Commission (FTC), hosted by Mexico in Cancún, from July 5 to 7, 2023.

They exchanged views on shared priorities, such as enhancing the competitiveness of North American exports, and discussed promoting further economic integration and rules-based trade between the 3 countries. Minister Ng emphasized the importance of ensuring trade in North America is inclusive and that the benefits of the trading relationship reach everyone, especially small and medium-sized businesses, women, Indigenous Peoples and underrepresented groups. She also stressed the importance of upholding the science-based obligations of CUSMA.

During the FTC, ministers heard from business delegations from Canada, the United States and Mexico on how the 3 countries can work even more closely together to strengthen supply chains through friendshoring, and to address critical gaps in skills development for workers. The ministers agreed on the importance of involving businesses and workers as they take stock of CUSMA to ensure it is working for them. The Ministers also engaged with labour stakeholders from Mexico to hear firsthand about the positive impact CUSMA’s high labour standards have had for workers in Mexico, and how the benefits extend to workers across North America.

During a meeting with Ambassador Tai, Minister Ng discussed working together in the Indo-Pacific, their shared commitment to advancing rules-based order and Canada’s work at the WTO through the Ottawa Group. Minister Ng raised concerns about protectionist measures that threaten cross-border collaboration between the United States and Canada that undermines commitments made by the leaders of both countries.

In her meeting with Secretary Buenrostro, Minister Ng highlighted the important contributions of Canadian mining companies to the development of the Mexican economy, including to the critical minerals supply chain, which is central to building the clean economy of the future.

Minister Ng, Ambassador Tai and Secretary Buenrostro reaffirmed their commitment to continue working together on the implementation of CUSMA to ensure it provides stability, predictability and legal certainty to businesses, industry and workers.

Quotes

“Canada, the United States and Mexico share the goal of strengthening the global competitive, sustainable and resilient economy of North America. Our trilateral trade agreement remains a model for rules-based trade, which supports economic prosperity and well-paying jobs in our 3 countries. This long-standing partnership will continue to thrive as we work hard to build the economy of the future that will work for everyone.”

- Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development

Quick facts

  • CUSMA entered into force on July 1, 2020.

  • North America is one of the largest economic regions in the world, encompassing a market valued at US$29 trillion that has some 500 million consumers.

  • Canada and the United States share one of the largest trading relationships in the world, with nearly $1.3 trillion worth of bilateral trade in goods and services in 2022, making Canada the largest trading partner of the United States in that category.

  • Canada and the United States are each other’s top sources of imported energy.

  • Mexico is Canada's third-largest single-country merchandise trading partner after the United States and China.

  • The stock of Canadian direct investment in Mexico was valued at $32.9 billion in 2022, making it Canada’s tenth-largest direct investment destination.

  • In 2022, the value of total merchandise trade between Canada, the United States and Mexico reached nearly $1.9 trillion.

  • Two-way merchandise trade between Canada and Mexico was valued at $49.7 billion in 2022.

  • Total Canadian merchandise exports to the United States were valued at $600 billion in 2022.

  • Total Canadian merchandise exports to Mexico were valued at $9.1 billion in 2022.

Associated links

Contacts

Shanti Cosentino
Press Secretary
Office of the Minister of International Trade, Export Promotion, Small Business and Economic Development
343-576-4365
Shanti.Cosentino@international.gc.ca

Media Relations Office
Global Affairs Canada
media@international.gc.ca
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