Canada-Mexico Trade: 5th Largest Partner in 2024, US Remains Key

February 17, 2026 Lucas Fernandez – World Editor World

Mexico and Canada are intensifying efforts to strengthen economic and security cooperation as they prepare for a review of the United States-Mexico-Canada Agreement (USMCA) later this year, a move prompted by concerns over potential trade disruptions.

The commitment to bolster ties followed a meeting in Mexico City on Monday between Mexican Secretary of Economy Marcelo Ebrard and his Canadian counterpart, Dominic LeBlanc, who led a delegation of hundreds of business leaders. The visit by LeBlanc comes five months after a meeting between Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum, where a plan to strengthen bilateral cooperation was defined.

According to a statement released by the Associated Press, both countries agreed to advance cooperation in trade and security, particularly in light of threats of tariffs from the United States against its major trading partners. Mexico is Canada’s third-largest trading partner, following the United States and China, while Canada ranked as Mexico’s fifth-largest trading partner in 2024. However, trade with the United States remains the priority for both nations, and the continuation of the USMCA is considered crucial by both the Sheinbaum and Carney governments.

The timing of these discussions coincides with Mexico’s ongoing negotiations with the U.S. And Canada regarding the upcoming USMCA review in 2026. Marcelo Ebrard confirmed on February 12th that Mexico is already engaged in discussions concerning steel tariffs, critical minerals, and trade rules. The goal, according to Ebrard, is to maintain the agreement while securing improved commercial conditions.

During the meeting in Mexico City, Canada’s Minister of Finance and Commerce emphasized the need for both countries to prepare for “difficult moments” in the 21st century, stating that “One can do much more in trade, in investment and in security.”

Recent reporting from El País indicates a flurry of activity surrounding the USMCA, with a Canadian business delegation currently exploring investment opportunities in Mexico City, Guadalajara, and Monterrey. The same report notes that the USMCA review has led to a plan to identify key materials and explore minimum import prices. The Mexican government has taken steps to align its energy and mining policies with Washington, aiming to facilitate the exploitation of strategic resources.

Consultations regarding the USMCA were initiated by Mexico and the United States earlier this week, marking the first step in the review process, according to The New York Times.

As of February 17, 2026, no public statements have been issued by the United States Trade Representative regarding the ongoing discussions with Mexico and Canada.