In a sprawling conference room overlooking Mexico City’s historic district, Canadian Finance Minister Chrystia Freeland and Foreign Affairs Minister Mélanie Joly sat across from their Mexican counterparts yesterday, their discussion focused on much more than just dollars and cents.
“We’re here because Canada understands that our economic prosperity and our security are deeply interconnected with Mexico’s,” Freeland told reporters, as afternoon light streamed through the tall windows of the Ministry of Economy building.
The high-level meetings come at a crucial moment. With the Canada-United States-Mexico Agreement (CUSMA) set for its first formal review in 2026, Ottawa is working to strengthen economic ties while addressing growing security concerns that have shadowed North American trade relations.
Mexican Finance Minister Rogelio Ramírez de la O acknowledged the challenges both nations face. “Our partnership has weathered political changes, pandemic disruptions, and supply chain crises. Now we must focus on building resilience against new threats,” he said during the joint press conference.
The visit marks the beginning of what insiders are calling “Canada’s Mexican diplomatic offensive” – a series of strategic engagements aimed at solidifying economic partnerships while navigating complex security issues. Trade between Canada and Mexico reached nearly $48 billion last year, according to Statistics Canada data, making Mexico our third-largest trading partner.
But beneath the standard diplomatic pleasantries, real tensions simmer. Canadian businesses operating in Mexico have increasingly voiced concerns about safety and extortion attempts. The Canadian Chamber of Commerce in Mexico recently surveyed its members and found that 43% had experienced some form of security threat in the past year, up from 31% in 2022.
“When Canadian companies face security threats, it’s not just a business problem—it’s a trade problem that affects workers and communities in both countries,” said Joly, who met separately with security officials to discuss protection for Canadian investments.
During a roundtable with Canadian business leaders based in Mexico, one manufacturing executive, speaking on condition of anonymity, described paying monthly “fees” to local criminal organizations to ensure operations weren’t disrupted. “It’s become part of doing business here, but it shouldn’t be,” the executive said.
The ministerial visit sets the stage for Mark Carney, the former Bank of Canada and Bank of England governor who now serves as a special advisor to Prime Minister Trudeau. Carney is scheduled to arrive next week to focus specifically on investment security frameworks.
For communities in both countries, these high-level talks translate to everyday realities. In Windsor, Ontario, auto parts manufacturer Martinrea International employs over 1,500 workers who produce components shipped to assembly plants in Mexico. “Any disruption in that supply chain means potential layoffs here in Canada,” noted Windsor Mayor Drew Dilkens in a recent town hall meeting about cross-border trade.
Perhaps most telling was what remained unsaid during the public portions of the meetings. Neither minister directly addressed the persistent rumors that Mexican President Claudia Sheinbaum is considering adjustments to energy policy that could affect Canadian mining and power generation companies with significant investments in Mexico.
“We raised our concerns about policy predictability in key sectors,” was all Freeland would say when pressed by a reporter from The Globe and Mail.
The backdrop to these discussions is the upcoming U.S. presidential election. Both Canadian and Mexican officials recognize that trade relationships could face new challenges depending on the outcome. According to recent polling by Nanos Research, 67% of Canadians worry that protectionist policies from either U.S. administration could negatively impact North American trade.
Professor Louis Bélanger, who directs the Centre for International Studies at Laval University, sees these meetings as defensive positioning. “Canada is wisely strengthening its direct relationship with Mexico now, so we’re not caught flat-footed if Washington shifts its approach to continental trade,” he explained in a telephone interview.
In Monterrey, where Canadian aerospace companies have established a significant presence, local economic development officer Carlos Velázquez welcomes the high-level attention. “When ministers meet, it makes headlines for a day. But for us, Canadian investment means steady jobs for thousands of families year after year,” he said.
As the formal meetings concluded, both Canadian ministers emphasized the shared values and mutual benefits of the relationship. Yet the real measure of success will come in the months ahead, as businesses from both nations navigate the complex reality behind the diplomatic handshakes.
For workers in places like Leamington, Ontario, where greenhouse vegetables are packed for export to Mexican markets, or in Querétaro, where Canadian aerospace investments have created a booming local economy, these talks represent more than political theater—they’re about sustainable livelihoods and community stability.
“The challenge now,” as Freeland noted while departing for her next meeting, “is translating goodwill into practical solutions that work for people on both sides of our borders.”
