Mexico and Canada Fine-Tune Economic and Trade Agenda Ahead of USMCA Review
Canada’s Prime Minister will make an official visit to Mexico on September 18 and 19 to hold talks on trade and investment with President Claudia Sheinbaum, the Mexican leader confirmed. The meeting will take place within the context of trilateral coordination under the USMCA, against a backdrop of supply chain restructuring, intermittent tariff tensions, and preparations for the agreement’s scheduled review in 2026.
According to sources within the Mexican government, the meeting will include a joint press conference and working sessions, with a particular focus on sectors where Canadian presence in Mexico is significant: mining, natural gas, and rail infrastructure, as well as automotive and aerospace manufacturing. Canada consistently ranks among the top three investors in Mexico and is a key partner in bilateral trade, which in recent years has surpassed the $40 billion mark.
This dialogue comes at a time when nearshoring is driving new investments in northern and Bajío regions, with upticks in industrial facility construction, logistics, and automotive supply chains. For Canada, the integration of rail networks following the consolidation of North American and Mexican operations presents new logistical opportunities; for Mexico, access to reliable energy and regulatory certainty are crucial conditions to attract long-term capital for advanced manufacturing and infrastructure projects.
On the regulatory front, the agenda includes talks on the implementation of USMCA’s labor and environmental commitments, the rapid response mechanism for specific cases, and processes for permits and social consultation in mining. Canadian companies have expressed interest in clear rules for exploration and operation, particularly following recent legal changes regarding concessions, water rights, and impact assessment. In addition, consultations continue with both the United States and Canada on energy, where all three governments aim to resolve differences without escalating to arbitration panels.
Another central theme will be the resilience of supply chains and trade facilitation. Mexico has strengthened customs controls and digitalized processes to reduce border wait times, while North American companies are considering relocating critical links in sectors such as e-mobility, semiconductors, medical devices, and agribusiness. The relationship with Canada also encompasses financial services and pension funds that have invested in highways, industrial parks, and energy—sectors that require stable, long-term frameworks.
Mexico’s macroeconomic context—with inflation moderating compared to 2022 peaks, a still restrictive monetary stance, and a volatile but resilient exchange rate—shapes investor appetite. Any increase in trade friction or new tariffs in North America would have implications for prices and expectations, which is why trilateral coordination is seen by the private sector as an anchor of certainty heading into 2026.
Diplomatic sources indicate that new working groups may be announced on cross-border logistics, sustainability standards, supplier development, and workforce training. Protocols are also being explored for sanitary and phytosanitary measures to ease agri-food trade, as well as financing schemes for small and medium-sized enterprises linked to North American value chains.
In short, the visit aims to consolidate Mexico-Canada economic integration, address specific frictions, and lay the groundwork for the USMCA review. The market will be watching closely for signals on regulatory certainty, priority projects, and coordination to take full advantage of nearshoring momentum—without losing sight of competition, sustainability, and compliance with agreement commitments.
