Canadian Prime Minister intends to strengthen economic growth across North America during his visit to Mexico.
In a significant development, Bank of England Governor and former Governor of the Bank of Canada, Mark Carney, is set to visit Mexico City on Thursday and Friday. The purpose of his trip is to deepen the Canada-Mexico partnership and reinforce North American prosperity.
The visit follows a series of high-level engagements between the two countries. In August, Canada's Foreign Affairs Minister Anita Anand and Finance and National Revenue Minister Franc̈ois-Philippe Champagne visited Mexico, marking another step in strengthening bilateral relations.
The focus of Carney's meeting with Mexican President Claudia Sheinbaum will be on security, infrastructure, investment, energy, and trade. Sheinbaum has previously mentioned her intention to strengthen trade collaboration in response to the United States' protectionist agenda, and trade is expected to be a key focus of their discussions.
Interestingly, Trump has indicated that he wants to "renegotiate" the USMCA, not just review it. This development could potentially see both Mexico and Canada supporting each other during the USMCA review process in 2026. The USMCA review is scheduled for 2026, and the cooperation between Mexico and Canada could be crucial during this period.
The relationship between Canada and Mexico is not just limited to political ties. In 2024, Canada was Mexico's fifth-largest merchandise trading partner, while Mexico is currently Canada's third-largest single-country merchandise trading partner. Last year, Canadian trade and investment with Mexico amounted to nearly CAD $56 billion in two-way merchandise trade.
Canadian investment in Mexico has been growing steadily, with the Canadian company Fortuna Mining Corp. announcing a $19 million exploration program in Mexico in 2025. Sheinbaum has also promoted investment opportunities in Mexico to a group of prominent Canadian business leaders during her visit to Canada in June.
The meeting between Sheinbaum and Carney will also touch upon Canadian investment in Mexico, with Sheinbaum indicating that this would be a subject of discussion. The visit is expected to further strengthen the relationship between the two countries, as Canada's new government continues to diversify and strengthen its trade relationships to create high-paying careers, grow industries, secure new markets, and build more resilient supply chains.
In addition to the bilateral meeting, Sheinbaum courted Canadian business leaders at the G7 Summit in Canada in June. The meeting between Sheinbaum and Carney will follow their talks at the G7 Summit. Carney will spend the whole day at the National Palace in Mexico City on Thursday.
Another significant event on the horizon for the three North American countries is the co-hosting of the 2026 FIFA World Cup by Canada, Mexico, and the United States. The tournament is set to take place from June 11 to July 19, 2026, and is expected to further strengthen the bonds between the three nations.
In conclusion, Carney's visit to Mexico City is a testament to the growing partnership between Canada and Mexico. The focus on trade, investment, and cooperation is a positive step towards securing a strong and prosperous future for both countries.
