Minister Ng meets with Mexico’s Secretary of Economy Raquel Buenrostro

January 9, 2023 – Mexico City, Mexico – Global Affairs Canada

Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, met with Raquel Buenrostro, Mexico’s Secretary of Economy, at the North American Leaders’ Summit (NALS) hosted by Mexico.

Minister Ng welcomed the start of the summit and underscored its importance in deepening trilateral relations between Canada, the United States and Mexico, strengthening supply chains and boosting North American competitiveness. Minister Ng and Secretary Buenrostro discussed the importance of building an economy that works for everybody, particularly Indigenous peoples and women.

Minister Ng conveyed Canada’s concerns with Mexico’s energy reforms and their potential effects on Canadian investments, noting the importance of finding a mutually acceptable resolution. Additionally, Minister Ng expressed concerns regarding the treatment of Canadian mining companies in Mexico and the need for transparent processes for mining sector permits. Minister Ng noted that Canadian companies, including those in the mining sector, are leaders in establishing inclusive and sustainable workplace practices.

Minister Ng and Secretary Buenrostro also discussed biotechnology in the agricultural sector. Secretary Buenrostro provided clarification of Mexico’s policy on imports of genetically modified crops.

Minister Ng and Secretary Buenrostro expressed support for rules-based trade and continued collaboration on WTO reform, including through the work of the Ottawa Group.

Minister Ng said she looks forward to welcoming Secretary Buenrostro to Canada in the near future. 

Quick facts

• Two-way merchandise trade between Canada and Mexico was valued at $41.7 billion in 2021.
• Mexico is Canada’s third-largest single-country merchandise trading partner after the United States and China.
• Canadian direct investment in Mexico was valued at $25 billion in 2021, making it Canada’s ninth-largest direct investment destination.
• Mexico has been identified as a priority market for Export Development Canada, which has operated a regional office in Mexico since 2000, providing extensive financial services related to Canadian exports and investments in the country.
• Canadian companies represent two thirds of all the foreign investment in Mexico’s mining sector. The total stock of Canadian direct investment in Mexico in 2021 had a value of more than $25 billion.

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