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It includes a plan for a trade mission to Mexico, led by Canada-U.S. Trade Minister Dominic LeBlanc, and $9.9 million in funding for United Nations-led projects to combat drugs and support migrant integration.

“Canada and Mexico are entering a new era of cooperation. We are elevating our partnerships in trade, investment, energy and security to create more opportunity for Canadian workers, expanded markets for Canadian businesses, and more certainty for Canadian investors, while making North America the most competitive and dynamic economic region in the world,” Carney said.

The Canadian Chamber of Commerce, which was part of the delegation to Mexico, welcomed the announcement, calling it an “integral step towards realizing the untapped potential of the Canada-Mexico relationship.”

“As Canada’s diversifies our trade, Mexico should be at the top of the list — and businesses on both sides are ready to move,” said Catherine Fortin-LeFaivre, senior vice-president of international policy and global partnerships.   “Mexico is already in our top three trading partners, and we should be building on that. The Canadian Chamber will be taking a business delegation to Mexico in early Feb 2026 to turn this momentum into concrete opportunities.”

Fortin-LeFaivre said that as the U.S.‘s “biggest customers,” a strong relationship between the two countries puts them in a stronger position to negotiate a new trade deal next year beneficial for businesses in all three countries.

Earlier in the day, Sheinbaum said short-term work visas and expanding ocean trade routes between Canada and Mexico topped her agenda ahead of her meeting on Thursday with Prime Minister Mark Carney in Mexico’s capital city.

The meeting comes as both leaders work to navigate global trade challenges driven by U.S. President Donald Trump’s tariff agenda.

At her morning news conference just ahead of Carney’s arrival, Sheinbaum said all three countries in the Canada-U.S.-Mexico Agreement on trade want to see the agreement strengthened.

She said Carney’s visit offered an opportunity to shore up the bilateral relationship between Canada and Mexico.

Sheinbaum said Mexico is proposing that the number of special work visas allowing Mexicans to work in Canada be expanded, adding Canada is already looking into it.

Sheinbaum said she and Carney would also discuss proposals to expand Mexico-Canada trade through ports on both the Pacific and Atlantic coasts.

Canada is seeking more trade with Mexico in response to the United States’ trade war, and as both countries brace for the renegotiation of the continental trade deal linking all three economies.

Foreign Affairs Minister Anita Anand and Finance Minister François-Philippe Champagne visited Mexico in August to discuss economic growth, security and trade. They were joined by a delegation of Canadian and Mexican business leaders.

Carney and Sheinbaum were scheduled to hold a one-on-one meeting Thursday afternoon, followed by a working lunch with Anand, Canada-U.S. Trade Minister Dominic LeBlanc and Carney’s parliamentary secretary Rachel Bendayan.

That meeting was expected to involve combining efforts to combat drug and firearm trafficking, and other activities linked to organized crime.

Carney and Sheinbaum were also expected to discuss co-operation on security, with the aim of establishing regular communication and collaboration between the two countries.

Solange Márquez is an expert in diplomacy and global governance and a professor at the National Autonomous University of Mexico and the University of Toronto. She said both Mexico and Canada have been anxious to rebuild their relationships with the United States and have shown little recent interest in their bilateral relationship.

“We are seeing each other more like competitors than friends. Both countries are trying to get into the U.S. market, both countries are trying to be more friendly with the White House,” she said.

That’s especially true when it comes the automotive sector, which plays a large role in the economies of both countries, she said. The Trump administration is attempting to draw more automotive manufacturing into the U.S. through the use of tariffs on Canada and Mexico.

Sheinbaum told a Wednesday press conference that Carney’s visit isn’t meant to undermine the continental alliance.

“All three countries want to maintain (the trade deal), but we want to strengthen trade with Canada,” she said in Spanish. She added that Mexico also wants Canadian mining companies to do a better job of complying with Mexico’s environmental regulations.

Ottawa says the bilateral trading relationship is growing, citing almost $56 billion in two-way merchandise trade in 2024 and $46.4 billion in direct investment in Mexico.

While Sheinbaum and Carney both have backgrounds in climate policy — Sheinbaum as a climate scientist and Carney as a former climate envoy to the United Nations — Márquez said she doesn’t expect climate change to be a major focus of their meetings.

Energy could be on the table, Márquez said, noting Mexico understands the importance of renewables and mining.

Sheinbaum is also trying to navigate ties with China after recently announcing tariffs on Chinese cars and other goods in response to U.S. pressure. Analysts have noted that Mexico did not immediately secure gains from Washington after announcing the policy.

Canada, Mexico and the U.S. have not held a North American leaders’ summit since the one in January 2023 in Mexico City.

Ottawa was set to host the event — commonly called the Three Amigos summit — in 2024, but it was sidelined by elections in the U.S. and Mexico and the political tumult that faced then Prime Minister Justin Trudeau.

Canadian officials said Wednesday they are not currently planning another summit, citing a lack of interest from all three countries.

The two leaders also announced Thursday that secretary of state Adam van Koeverden will serve as Canada’s FIFA designated representative, and work with his U.S. and Mexican counterparts to ensure the 2026 competition is successful.