Mexico City, Mexico
18 February 2014
Prime Minister Stephen Harper and Enrique Peña Nieto, President of Mexico, today witnessed the signing of two agreements that will facilitate trade and investment between Canada and Mexico.
The first agreement is a Memorandum of Understanding (MOU) that will enhance cooperation between Export Development Canada (EDC) and Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) in the structuring, co-financing or co-guaranteeing of commercial financing activities, as well as promote the exchange of experience and best practices between the two institutions. 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.
The second agreement is a Master Cooperation Agreement (MCA) between EDC, Bancomext, Scotiabank, Bank of Montreal, HSBC Mexico, Banorte, BBVA Bancomer, Banamex and a private equity fund administered by Mexican government-owned financial institutions. The agreement will establish a collaborative approach to providing 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. The Master Cooperation Agreement will come into effect immediately.
Both initiatives demonstrate Canada's commitment to working with Mexico to further integrate and strengthen the North American commercial platform as well as bilateral trade and direct investment.
