The new arrangement includes funding for international drug-prevention programs, commitments to strengthen trade routes, and plans for a Canadian trade mission to Mexico led by Trade Minister Dominic LeBlanc. Ottawa has put forward nearly $10 million toward UN projects supporting anti-drug, cartel initiatives and to support the integration of migrants.
Carney described the deal as a reset for the two countries. “Canada and Mexico are entering a new era of cooperation,” he said. “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.”
The Canadian Chamber of Commerce's senior vice-president Catherine Fortin-LeFaivre said businesses are ready to take advantage of the momentum: “Mexico is already in our top three trading partners, and we should be building on that,” she said.
Sheinbaum, speaking earlier in the day, said her priorities included expanding ocean trade routes and securing more short-term work visas for Mexicans in Canada. She also emphasized the need to strengthen the broader Canada-USA-Mexico trade deal, particularly in light of President Donald Trump’s ongoing tariff wars.
Talk between Carney and Sheinbaum also focused on organized crime, drug and firearm trafficking, and ways to improve cooperation between Canadian and Mexican law enforcement. Officials said the two leaders want to establish regular communication on security issues, reports The Canadian Press.
Both Carney and Sheinbaum have backgrounds in climate policy, though experts say energy and mining are more likely to be top of mind during future discussion. Sheinbaum has also been navigating tensions with China after imposing tariffs on Chinese cars.
The deal comes at a time when Canada is looking to diversify its trade as President Donald Trump has been using tariffs as leverage. Ottawa says two-way merchandise trade with Mexico totaled almost $56 billion in 2024, and Canadian investment in Mexico reached $46.4 billion.
The new partnership follows months of missed opportunities for a North American leaders’ summit. The Three Amigos meeting has not been held since early 2023, and Trump having to leave early during the last G7 summit, held in Canada earlier this year. Canadian officials say another one is not currently in the works.
