Mexico and Canada will evaluate common goals in three months: Marcelo Ebrard

Mexico and Canada will evaluate common goals in their bilateral relations in three months, said Marcelo Ebrard, Secretary of Economy.

“We had a very interesting, extraordinary meeting, you could say, with President Claudia Sheinbaum. And we have work to do; we're going to conduct an evaluation in three months. This type of meeting is very unusual, with a very pragmatic approach. So we're going to work very closely,” he commented at a dinner this Thursday, as part of the Mexico-Canada Bilateral Meeting in Mexico City.

Speaking before business leaders and officials from both nations, and with Canadian Prime Minister Mark Carney in attendance, Ebrard added: "We had a warm, very hopeful, and positive meeting today. Not only about the USMCA, USMCA, and CUSMA, but also about the future of our economic relationship, our bilateral relationship, the future."

Mexico and Canada are the United States' largest trading partners, and the three nations are scheduled to hold their first six-year review of the USMCA , a free trade agreement between them, on July 1, 2026.

In 2024, Mexico ranked as the United States' top trading partner, including goods and services, with a total of $946 billion (exports of $561 billion and imports of $385 million).

Canada, for its part, recorded $918 billion in trade with the United States; its exports were $477 billion and its imports were $441 million.

Mexico is Canada's largest export market in Latin America and the Caribbean, accounting for 43.6% of Canadian exports to the region in 2024.

In bilateral trade, surpassed only by the United States and China, Mexico ranked third among Canadian imports in 2024, with $34.293 billion, a 3% year-over-year drop, according to Statistics Canada.

Conversely, Mexico was the fifth destination for Canadian exports (below the United States, China, the United Kingdom, and Japan), with $6.278 billion, also a 3% annual decline.

Canada saw a marked decline in exports of agricultural, fishery, and intermediate food products (-32.2%) to Mexico, due to lower exports of canola and wheat.

Canadian exports to Mexico also saw declines in forest products and construction and packaging materials (-14.2%), primarily paper products, and aircraft and other transportation equipment and parts (-17.7%).

These declines were only partially offset by an increase in exports of machinery, equipment and industrial parts (+16.6 percent).