Sheinbaum, Canadian Private Sector Meet Amid Rising Tensions

In the week before Donald Trump’s return to the White House, Mexican President Claudia Sheinbaum held a two-hour meeting with Canada’s leading private sector representatives. While the meeting with Canadian investors echoed discussions with US business leaders, it prioritized long-term collaboration over immediate investment announcements.

“The purpose of today’s meeting was not to unveil new investments but to assess ongoing projects, explore opportunities, and establish a clear framework for cooperation,” explained Altagracia Gómez Sierra, Mexican Government Liaison to the private sector.

The dialogue occurred amid heightened tensions between Mexico and Canada, driven by Trump’s tariff threats and doubts surrounding USMCA. Adding to the uncertainty, former Canadian Prime Minister Justin Trudeau had previously hinted at a potential bilateral trade agreement with the United States that excluded Mexico, if the situation did not improve. His recent resignation has further complicated matters, with leaders like Ontario Premier Doug Ford expressing support for the idea of excluding Mexico.

Despite these challenges, the meeting signaled a proactive step toward strengthening Mexico-Canada relations and reinforcing USMCA’s significance. Both sides reaffirmed the agreement’s role in ensuring economic stability, attracting investment, and bolstering regional supply chains. Discussions also addressed critical bilateral sectors, including energy, manufacturing, financial services, mining, transportation, and agribusiness. 

The Canadian delegation, led by Goldy Hyder, President, Business Council of Canada, included representatives from major firms such as Scotiabank, Linamar, Canadian National Railway Company, TC Energy, and Teck Resources. Mexican companies, including Kimberly-Clark de México, Grupo Carso, Grupo Kaluz, Aeroméxico, and Grupo Bimbo, also participated in the discussions.

Following the meeting, Francisco Cervantes, President of the Mexican Business Coordinating Council (CCE), announced plans for ongoing dialogue in 2025 to develop strategies aimed at enhancing bilateral investments and safeguarding regional trade.

Canada remains Mexico’s third-largest trading partner. In 2024, Mexico exported US$12.4 billion to Canada, while imports from Canada reached US$8.3 billion. In the 1H24, Canadian FDI in Mexico totaled US$1.7 billion, with over US$1 billion stemming from reinvested earnings and US$33 million from new investments.