Mexican President Claudia Sheinbaum and Swiss Confederation President Guy Parmelin met on Wednesday at the National Palace to strengthen bilateral trade relations, reaffirming commitments to modernize Mexico’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) and expand Swiss investments exceeding US$2.1 billion. The official diplomatic visit, which coincides with the 80th anniversary of diplomatic relations between the two countries, focused on reinforcing Swiss corporate confidence in Mexico’s “Plan México” economic initiative amid ongoing trade uncertainty surrounding the upcoming USMCA review.
Accompanied by his wife, Caroline Merotto, Parmelin was received by Sheinbaum in the Main Courtyard of the National Palace during an official ceremony featuring both countries’ national anthems and an official photograph. The Swiss president was accompanied by a high-level delegation of 16 business leaders, including executives from Swiss companies already operating in Mexico. Mexican Foreign Minister Roberto Velasco had previously outlined the delegation’s composition during a morning press conference.
According to figures presented during the bilateral meeting, Switzerland ranks as the sixth-largest source of foreign direct investment (FDI) in Mexico, with investments totaling US$2.1 billion in 2025. Bilateral trade between the two countries reached US$4.2 billion last year. During the discussions, Mexican government officials highlighted efforts to simplify administrative procedures for international investors and facilitate Swiss corporate expansions in strategic sectors such as pharmaceuticals, finance, technology, and manufacturing.
“We held a very productive and very cordial meeting; this visit has a very special meaning because in 2026 we commemorate 80 years of diplomatic relations between Mexico and Switzerland,” Sheinbaum said during a joint press conference following the meeting. “We also met with the delegation of business leaders accompanying the President of Switzerland, where we confirmed the confidence of Swiss business leaders in Mexico, and we agreed to continue working on the trade agreement with Switzerland.”
The bilateral talks take place as Mexico advances its broader trade diversification strategy. Mexican exporters continue to face uncertainty surrounding the upcoming review of the USMCA with the United States and Canada. According to previous statements from the Ministry of Foreign Affairs, Sheinbaum has emphasized that Mexico’s economic growth does not depend exclusively on a single trade agreement, highlighting the modernization of the European Union-Mexico Economic Partnership, Political Coordination and Cooperation Agreement signed in May. Parmelin’s North American tour, which also includes visits to the United States and Canada, reflects Switzerland’s interest in expanding its economic presence throughout the region.
“It is a great pleasure to be in Mexico; I am accompanied by a high-level economic delegation composed of companies that want to establish themselves in Mexico and contribute to the implementation of President Sheinbaum’s Plan México. Switzerland is the sixth-largest country in terms of investment volume here in Mexico,” Parmelin said.
Beyond industrial and financial cooperation, the leaders discussed expanding scientific collaboration and exploring the integration of Switzerland’s dual vocational education model into Mexican institutions. They also reviewed joint efforts related to international law, peaceful conflict resolution, and cultural heritage protection. Under a bilateral agreement signed in 2018, Switzerland has helped intercept and repatriate 67 historical artifacts to Mexico.
“There is an issue I want to highlight, and that is the agreement we have on cultural heritage; Switzerland has been a great ally in the detection and restitution of pieces of our historical heritage,” Sheinbaum said. “Since 2018, 67 cultural objects have returned to the nation; for that reason, more things unite us than just the economic relationship.”
Parmelin added: “We have also discussed how to strengthen our scientific relationship and highlighted our cooperation in the fight against the illicit trafficking of cultural heritage objects and their restitution, thanks to the agreement signed in 2018.”
According to statements from both governments, Mexican ministries will continue holding working sessions with the Swiss delegation to advance the trade and investment frameworks discussed during the visit. However, no definitive timeline or official schedule for the signing of updated agreements has been announced.