Mexico’s Ministry of Economy is leading its largest trade mission to Canada, convening 240 companies for over 1,800 business meetings across Toronto and Montreal, as both governments accelerate bilateral engagement ahead of the 2026 USMCA review. The mission targets diversification across agroindustry, manufacturing, pharmaceuticals, electric mobility, and critical minerals, supported by a bilateral trade relationship exceeding US$56 billion and cumulative Canadian FDI in Mexico of US$56.847 billion since 1999. Stakeholders across automotive, mining, energy and financial sectors stand to be directly affected by the outcomes of parallel ministerial talks between Minister of Economy Marcelo Ebrard and Canadian Trade Minister Dominic LeBlanc.

Mexico is launching its largest trade mission to Canada in recent history, with 240 Mexican companies, most of them SMEs, scheduled to hold more than 1,800 business meetings with approximately 200 Canadian firms across Toronto and Montreal.

The mission, organized by the Ministry of Economy, brings together representatives from agroindustry, manufacturing, pharmaceuticals, electric mobility, creative industries, education, patent acceleration, investment funds and innovation clusters. It marks a concrete step in a bilateral relationship that both governments have sought to reframe around measurable economic outcomes rather than diplomatic procedure.

“This is an unprecedented working visit aimed at expanding our investment and trade flows with Canada,” Minister of Economy Marcelo Ebrard said. “With Canada, we already have significant trade and investment. With this mission, we want to accelerate that and above all open markets for many Mexican companies, particularly small and medium-sized ones.”

Bilateral Meetings and Executive Engagement

On the sidelines of the mission, Ebrard will hold working meetings with Canadian Trade Minister Dominic LeBlanc. Those conversations will focus on advancing preparations for the upcoming USMCA review, the six-year assessment of the trade agreement that both countries regard as a defining moment for North American economic integration.

Ebrard’s schedule also includes a working lunch with senior executives from Air Canada, Bombardier, ATCO, Brookfield, CN Rail, and TC Energy, as well as the head of the Business Council of Canada. A separate session will bring Mexican firms together with major investment funds, including the Ontario Teachers’ Pension Plan, one of the largest of its kind globally, and Canadian financial institutions, to explore financing and collaboration opportunities.

The minister is accompanied by deputy ministers Ximena Escobedo, responsible for Industry and Commerce, and Luis Rosendo, for Foreign Trade, along with Mexico’s Ambassador to Canada, Carlos González, and consuls Iván Sierra and Víctor Treviño in Toronto and Montreal, respectively.

Trade and Investment Figures

The mission reflects the scale of a bilateral relationship that has expanded substantially in recent years. Bilateral trade exceeded US$56 billion, according to Ambassador Joaquín González, with Canada accounting for 3.35% of Mexico’s total exports and 1.89% of its imports in 2025. Mexico posted a net trade surplus with Canada of US$8.78 billion that year.

In November 2025 alone, Mexico exported US$1.882 billion to Canada and imported US$962 million, resulting in a monthly trade balance of US$920 million. The automotive sector remains the dominant driver of the relationship. Mexico’s leading export to Canada in 2024 was passenger vehicles, totaling US$4.872 billion, while its top import from Canada was auto parts and accessories at US$1.628 billion.

On the investment side, Canadian FDI in Mexico reached US$3.216 billion in 2024, distributed across reinvestment of profits, intercompany accounts and new investments. Mexico City received the largest share at US$1.570 billion, followed by Veracruz at US$158 million and Querétaro at US$155 million. Since 1999, Canada has invested a cumulative US$56.847 billion in Mexico, placing it among the country’s most significant long-term investors.

In the 3Q25, Mexico also received US$282 million in remittances from Canada, a figure that reflects the size and economic activity of the Mexican community in the country, which now exceeds 200,000 people.

Strategic Context: USMCA and Diversification

The trade mission takes place against the backdrop of active negotiations ahead of the 2026 USMCA review, which both Mexico and Canada view as an opportunity to reinforce economic stability and address longstanding concerns in sectors such as steel, aluminum and automotive manufacturing.

Ambassador González, who has been presenting President Claudia Sheinbaum’s Plan México to major Canadian business associations, said there is strong interest from Canadian companies in expanding their presence in Mexico. He noted that both countries share a structural challenge: approximately 80% of Canadian trade flows to the United States, a concentration that Mexico mirrors. “Mexico is emerging as a key destination for Canadian expansion,” he said.

That diversification agenda is also visible in infrastructure. Both governments have prioritized the development of direct maritime corridors on the Pacific and Atlantic coasts to reduce dependence on US transit routes. On the Pacific side, discussions are underway around connections between Vancouver and major Mexican ports. On the Atlantic, routes linking ports such as Saint John and Hamilton with the Gulf of Mexico are under evaluation.

Beyond trade volumes, Canada and Mexico have identified critical minerals and energy as strategic sectors under the Canada-Mexico Action Plan 2025–2028. Canada brings expertise in sustainable mining, clean technologies and environmental standards, while Mexico offers resource potential and geographic positioning within North American supply chains.

Ambassador González highlighted alignment between Canada’s Towards Sustainable Mining standard and Mexico’s national development goals, noting that Canadian companies bring expertise in water management and carbon reduction that will become increasingly relevant as the USMCA review approaches.