Ottawa sees ‘big alternative’ as commerce delegation heads to Mexico, says cupboard minister

[ad_1] Hearken to this text

Estimated 4 minutes

The audio model of this text is generated by AI-based know-how. Mispronunciations can happen. We're working with our companions to repeatedly evaluate and enhance the outcomes.

A Canadian commerce mission to Mexico this week may produce new offers by early spring, and marks the nation's "most important" such mission ever to Mexico, based on Canada-U.S. Commerce Minister Dominic LeBlanc.

LeBlanc is main the mission, which can see over 370 Canadian delegates and greater than 200 companies in Mexico from Sunday to Monday — visiting Mexico Metropolis, Monterrey and Guadalajara.

Canadian commerce with Mexico totalled $56 billion in 2024, a 12-fold improve for the reason that North American Free Commerce Settlement (NAFTA) got here into power in 1995. Mexico is Canada’s third-largest buying and selling companion after the U.S. and China.

However “there's nonetheless, in our view, an enormous alternative to increase buying and selling alternatives,” LeBlanc informed CBC Information.

LeBlanc, who shall be joined by Heritage Minister Marc Miller and Agriculture Minister Heath MacDonald, mentioned he believes the mission may result in new enterprise ties within the close to future.

“Our plan can be to return again on the finish of March once more and hopefully ink offers that result in direct alternatives."

<img loading="lazy" alt=" Three people siloutted beneath a solar panel complex" srcset="https://i.cbc.ca/ais/f3578a1b-0d76-4cfe-9cfb-689e77f7ce2c,1771032156690/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C1159%2C698%29%3BResize%3D796 796w,https://i.cbc.ca/ais/f3578a1b-0d76-4cfe-9cfb-689e77f7ce2c,1771032156690/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C1159%2C698%29%3BResize%3D1083 1083w,https://i.cbc.ca/ais/f3578a1b-0d76-4cfe-9cfb-689e77f7ce2c,1771032156690/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C1159%2C698%29%3BResize%3D1280 1280w" sizes="(max-width: 762px) calc(100vw - 32px),730px" src="https://i.cbc.ca/ais/f3578a1b-0d76-4cfe-9cfb-689e77f7ce2c,1771032156690/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C1159%2C698%29%3B" style="aspect-ratio:1.660458452722063" data-cy="image-img"/> Staff with the Montreal-based agency Solfium run checks on a photo voltaic panel set up in Querétaro, in Querétaro state, Mexico. (Glen Kugelstadt/CBC) 'Commerce uncertainty' Chad Watson, CEO of Quickmill, which relies in Peterborough, Ont., is travelling with the commerce mission. His firm builds industrial machine instruments, has been in enterprise for 50 years and does about $2 million a yr price of enterprise in Mexico.

“We want to increase and stability our international portfolio of shoppers,” mentioned Watson.

The majority of Quickmill’s $20 million price of yearly gross sales comes from the U.S., says Watson, and the corporate’s exports are coated below the Canada-U.S.-Mexico Settlement (CUSMA), which changed NAFTA.

Nonetheless, the turbulent commerce indicators coming from the U.S. — together with musings about abandoning CUSMA — have made Mexico an more and more enticing market to seek out new prospects, he mentioned.

“We're all dwelling in commerce uncertainty proper now with the CUSMA settlement in negotiations,” he mentioned.

CUSMA is up for evaluate and all three international locations are set to start renegotiations in earnest this summer time. The Mexican authorities has repeatedly acknowledged its dedication to proceed with the trilateral commerce settlement.

<img loading="lazy" alt="A man standing in front of machinery indoors." srcset="https://i.cbc.ca/ais/00531c0c-b55b-4351-9db3-9e06dc1b854d,1771030799266/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C753%2C3024%2C1953%29%3BResize%3D796 796w,https://i.cbc.ca/ais/00531c0c-b55b-4351-9db3-9e06dc1b854d,1771030799266/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C753%2C3024%2C1953%29%3BResize%3D1083 1083w,https://i.cbc.ca/ais/00531c0c-b55b-4351-9db3-9e06dc1b854d,1771030799266/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C753%2C3024%2C1953%29%3BResize%3D1280 1280w" sizes="(max-width: 762px) calc(100vw - 32px),730px" src="https://i.cbc.ca/ais/00531c0c-b55b-4351-9db3-9e06dc1b854d,1771030799266/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C753%2C3024%2C1953%29%3B" style="aspect-ratio:1.5483870967741935" data-cy="image-img"/> Chad Watson, CEO of Quickmill in Peterborough, Ont., is seeking to Mexico to increase his firm's buyer base. (Marie Morrissey/CBC) Jorge Rave, regional vice-president for Latin America and the Caribbean with Export Growth Canada, says rising commerce and geopolitical upheavals have modified the mindset of Canadian enterprise gamers.

He says he’s seen rising curiosity from Canadian entrepreneurs, who have been by no means export targeted, now different horizons.

There's been an "evolution in thought course of,” he mentioned. “Succesful corporations that had by no means exported have been saying … how do I do it?”

Andrés Friedman, CEO and co-founder of Solfium, mentioned his earlier expertise in Mexico — in senior positions with Quebec aerospace agency Bombardier — satisfied him the nation was the proper springboard for his cleantech startup.

Friedman, whose agency gives personalized photo voltaic vitality options for business, says the youthful demographics of Mexico’s labour power, the degrees of training and its giant market — a inhabitants of 130 million — made the transfer a straightforward calculation for the Montreal-headquartered agency.

Solfium has grown from three staff in Mexico to 60 since 2021.

“Mexico is our launch market … it’s a bit right this moment the centre of gravity of the corporate as a result of all our prospects are right here,” mentioned Friedman.

“The return on funding is massive, however the guess must be massive as effectively.”

<img loading="lazy" alt="A man with glasses talking." srcset="https://i.cbc.ca/ais/ccb2163b-5b75-4788-ac95-16e4a3120167,1771028308755/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C2252%2C1544%29%3BResize%3D796 796w,https://i.cbc.ca/ais/ccb2163b-5b75-4788-ac95-16e4a3120167,1771028308755/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C2252%2C1544%29%3BResize%3D1083 1083w,https://i.cbc.ca/ais/ccb2163b-5b75-4788-ac95-16e4a3120167,1771028308755/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C2252%2C1544%29%3BResize%3D1280 1280w" sizes="(max-width: 762px) calc(100vw - 32px),730px" src="https://i.cbc.ca/ais/ccb2163b-5b75-4788-ac95-16e4a3120167,1771028308755/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C0%2C2252%2C1544%29%3B" style="aspect-ratio:1.4585492227979275" data-cy="image-img"/> Andrés Friedman, CEO and co-founder of Solfium, mentioned his earlier expertise in Mexico satisfied him the nation was the proper springboard for startup. (Glen Kugelstadt/CBC) Mexico safety bettering The Canadian delegation arrives as authorities grapple with final month's kidnapping of 10 staff with the Vancouver-based mining agency Vizsla Silver Corp., within the state of Sinaloa. 5 have since been discovered useless, based on authorities who've linked the case to a faction of the Sinaloa drug cartel.

Ottawa is "very involved" in regards to the case, mentioned LeBlanc, however added there's "no daylight" between the 2 governments on safety issues and the safety of Canadian residents, companies and investments in Mexico.

He mentioned Canada and Mexico keep open and clear discussions on safety points and that President Claudia Sheinbaum’s authorities "has made very, very appreciable motion ahead within the safety context in Mexico."