Mexico, Canada have established common ground in the CUSMA negotiations, Sheinbaum said
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Mexico has established a similar relationship with Canada during negotiations on the future of the Canada-US-Mexico Agreement (CUSMA), Mexican President Claudia Sheinbaum said.
The three sides held a key meeting on July 1 to discuss whether to extend the trade deal for another 16 years or begin other measures that could see negotiations continue.
Canada and Mexico have both formally stated their intention to seek a 16-year extension of the three-decade-old trilateral trade agreement.
The US has given conflicting signals about its intentions, with President Donald Trump threatening not to renew the deal, which he signed in his first term as president, then saying he might sign it. But the US has not issued an official position.
Canada-Mexico relations are strengthened
Sheinbaum said that Canada and Mexico are on the same side “with the communication that we have” in discussions about renewing CUSMA.
Mexican President Claudia Sheinbaum says Mexico and Canada can unite during the CUSMA negotiations to force the United States to maintain the free trade agreement.
“We’ve strengthened our relationship with Canada, there’s Canadian business investment in Mexico,” Sheinbaum said, responding to a question from CBC News during a midweek news conference.
“And, on top of that, our trade is getting stronger.”
The CUSMA agreement is expected to expire in 2036. Either party to the agreement may withdraw from the trade agreement after giving six months’ notice.
Although the US has insisted on ongoing, separate negotiations on a trade agreement with Mexico and Canada, Sheinbaum says his country has always favored trilateral negotiations.
“We all know the decision of the government of the United States, of President Trump, for a different view of international trade when they are more protected,” said Sheinbaum.
“Discussions take place within this framework.”
Trade ties are growing
Mexican Economy Secretary Marcelo Ebrard announced last week that the three countries will meet around July 1 to present their views on the future of the trilateral trade agreement.
This is the first official tripartite meeting between the three countries.
Ebrard discussed CUSMA with Canada-US Trade Minister Dominic LeBlanc in Toronto last May during Mexico’s trade mission to Canada. The meeting was not designated as a formal discussion session.
Canadian trade officials have agreed to meet with their US and Mexican counterparts on July 1 to discuss signing an extension to the Canada-United States-Mexico Trade Agreement (CUSMA) as US President Donald Trump continues to question the future of the trade deal.
Canada and Mexico record nearly Cdn 62 billion in goods trade by 2025, according to federal government data. This number has grown significantly since the signing of the North American Free Trade Agreement (NAFTA) in 1994, when Canada-Mexico trade reached just under $5 billion, according to the data.
Canada was the second-largest destination for Mexican goods last year, and those exports are set to grow 17 percent between 2024 and 2025, according to figures from both governments.
Sheinbaum praised Canada’s recent investment in the port of Altamira in the Gulf of Mexico in the state of Tamaulipas as an example of the strength of the economic relationship between the two countries.
“This will allow more maritime trade between Mexico and Canada, both ways,” he said.
“Both countries want to keep the trade agreement.”
Montreal-based Logistec recently announced that it has entered into an acquisition agreement Inmobiliaria Portuaria de Altamira, (IPA), a center in the port of Altamira specializing in the handling of steel and industrial materials too large to fit into shipping containers.
The federal government highlighted the agreement among several achievements following one of Team Canada’s largest trade missions ever in Mexico in February.
