On August 15th, 2022, Canada and Mexico, through the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development; the Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry; and Tatiana Clouthier Carrillo, Mexico’s Secretary of Economy, took part in the inaugural Canada-Mexico High-Level Economic Dialogue. This economic dialogue will help strengthen ties with Mexico through economic discussions and planning for further trade, and as such, Canadian businesses should be aware of just what economic changes the high-level economic dialogue will create.
Read on to learn more about how the recent high-level economic dialogue will affect Canadian businesses for the better and what you, as a Canadian business owner, can expect based on Canada’s current economic history with Mexico.
Knowing Where to Start
Before looking at what this economic dialogue will change, it’s important that we also consider where Canada and Mexico currently stand as trading partners. In addition, Mexico is Canada’s third largest single-country merchandise trading partner (after the U.S. and China), and in 2021, Canada was Mexico’s sixth largest merchandise trading partner. As such, the economic interaction between Canada and Mexico is high. This economic dialogue will only help strengthen that and see both parties grow their economic trade with a partner that both sides know and trust.
What Can We Expect in the Future?
This economic dialogue established just how both Canada and Mexico can strengthen economic growth, investment, and trade through both constructive and collaborative efforts. One of the main focuses brought up in this dialogue was how best to improve the future economy through clean energy use, and both sides agreed to ask their respective business councils to do a joint study on private sector partnerships with actionable recommendations. Businesses looking to invest in clean energy have already seen improvements to their businesses, but the joint focus on such from both Canada and Mexico’s governments is a positive step towards making a notable change in the economic sector.
Both Canada and Mexico are interested in supporting you if you are a business owner of a small or medium-sized Mexican business and are a woman, Indigenous, or part of another minority. In an economic move that draws attention to equity and the importance of those in under-represented groups, Canada asked Mexico to create a list of Mexican supplier diversity programs to identify such businesses. Both countries wish to strengthen such businesses so that they can grow and flourish in the joint economy, so making certain your business is included on such lists is a wise way to get your business the attention it deserves.
A statement from the Business Council of Canada recognized the importance of the economic dialogue between Canada and Mexico, and that it has “the potential to do far more to strengthen competitiveness, promote bilateral trade, and create a more favourable climate for investment” between the two countries. Nothing but positive economic change will come from such a dialogue being created, and both Canadian and Mexican businesses are bound to see great things from such talks taking place.
Canada and Mexico are striving to make our economies stronger. Curious how you can do the same? Subscribe to Muraly’s blogs to learn more, and get in touch with me through social media for even more ways you can grow your Canadian business.