Mexico City, Mexico
18 February 2014
Our Government is committed to promoting international commerce with a view to generating jobs and economic growth here at home. To this end, on February 18, 2014, Prime Minister Stephen Harper and Enrique Peña Nieto, President of Mexico, witnessed the signing of a Memorandum of Understanding (MOU) between Export Development Canada (EDC) and Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) that will facilitate trade and investment between Canada and Mexico.
The main objectives of the MOU are to enhance cooperation between EDC and Bancomext in the structuring, co–financing or co–guaranteeing of commercial financing activities, and to promote the exchange of experience and best practices between EDC and Bancomext. The MOU outlines how the two parties will work together more closely towards creating new opportunities for Canadian and Mexican companies. It also sets out common areas of financial product and service delivery where enhanced cooperation could further facilitate trade and foreign direct investment between Canada and Mexico. The MOU will come into effect immediately after it is signed.
Prime Minister Harper and President Peña Nieto also witnessed the signing of a Master Cooperation Agreement (MCA) between Export Development Canada (EDC), Bancomext, Scotiabank, Bank of Montreal, HSBC Mexico, Banorte, BBVA Bancomer, Banamex, and a private equity fund administered by Mexican government–owned financial institutions that will facilitate trade and investment between Canada and Mexico.
The main objectives of the MCA are to establish a collaborative approach between the implementing parties to provide financial support, guarantees, private equity and assistance to Mexican and Canadian projects and companies, with a particular focus on promoting small– and medium–sized enterprise exports between the two countries.
Once the MCA has been signed by all parties, EDC expects that regular meetings of the working group will start in the near–term.
The MOU and MCA demonstrate Canada's commitment to working with Mexico to further integrate and strengthen the North American commercial platform as well as bilateral trade and investment.
Benefits for Canadian businesses include:
- Access to increased financing for opportunities in Mexico, especially for small– and medium–sized enterprises;
- Reduced investment risks;
- Increased foreign direct investment from Mexico; and,
- Access to quality market information and to best practices.
EDC is Canada's export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private– and public–sector financial institutions to create greater capacity for Canadian companies to engage in international trade and investment.
Bancomext is a state–owned Mexican development banking institution. Its mission is to encourage Mexican companies, especially small– and medium–sized firms, to trade in global markets by providing financing, training and technical assistance to drive foreign trade, promote regional growth, and create jobs across the nation, based on each individual client's needs.
