A significant Mexican trade mission began Thursday in Canada as both nations seek to strengthen economic ties ahead of the scheduled review of the North American free-trade agreement. The mission, the largest Mexico has sent to Canada in recent years, involves more than 240 companies attending business meetings in Toronto and Montreal over two days, with over 1,800 business-to-business engagements planned.

Mexico’s Secretary of Economy, Marcelo Ebrard, is scheduled to meet with executives from leading Canadian firms including Air Canada, Bombardier Inc., Brookfield Corp., and Canadian National Railway Co. He will also facilitate discussions between Mexican companies and major Canadian investment funds, such as the Ontario Teachers’ Pension Plan.

The timing of the mission is critical, as the Canada-United States-Mexico Agreement (CUSMA), also known as USMCA, is up for review this year amid uncertainty over the United States’ commitment to the deal under President Donald Trump. Canada’s Minister responsible for Canada-U.S. trade, Dominic LeBlanc, emphasized the importance of the trilateral agreement during the mission’s opening event in Toronto, underscoring the long-standing economic partnership between Canada and Mexico.

LeBlanc highlighted Canada’s intention to conduct a “robust and joint review” of USMCA with both Mexico and the United States, emphasizing the opportunity to reinforce and adapt the agreement to current global economic challenges. He described the Canada-Mexico relationship as grounded in shared values and significant economic accomplishments, pointing to ongoing efforts to expand bilateral trade under an action plan announced earlier this year by Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum.

Secretary Ebrard framed the mission as part of a broader strategy to deepen economic collaboration between the two countries in a rapidly changing global environment. He stated the intention to develop close ties not just for the present year but over the coming decades.

While Canada and Mexico have publicly aligned in promoting cooperation ahead of the trade talks, they appear to be adopting different strategies in their respective approaches to Washington. Mexico has engaged more directly and rapidly with the Trump administration, reflecting a willingness to accommodate its personalized negotiation style, whereas Canada has maintained a more cautious stance.

The trade mission also shed light on the integration of Canadian and Mexican supply chains, a relationship developed over decades of free trade. Fernando Lerdo de Tejada, deputy CEO of Grupo Bimbo, a major Mexican baking company, noted that the firm has invested over $1.6 billion in Canada since 2014 and now operates 17 bakeries across seven provinces, providing employment to more than 4,000 people. Grupo Bimbo plans to invest an additional $200 million in Canada through 2028, illustrating the practical impact of bilateral trade.

Mexico ranks as Canada’s third-largest import source after the U.S. and China, with exports to Canada valued at $47 billion in 2024, primarily consisting of automobiles and parts, electronics, and consumer goods. However, Canadian exports to Mexico lag behind, totaling around $8.6 billion in 2024, compared to $600 billion to the U.S. and $30 billion to China.

Scott Thomson, CEO of Bank of Nova Scotia, underscored Mexico's significance, representing about 10 percent of the bank’s total earnings. As the only Canadian bank operating in Mexico and the country’s fourth-largest bank, Scotiabank views North America as one of the most trusted regions for business and advocates for leveraging this platform to deepen cross-border economic ties.