LatinNews Daily - 16 August 2022

In brief: Mexico and Canada open talks to discuss closer economic ties

* Mexico and Canada have opened talks to discuss closer economic ties in the form of the High-Level Economic Dialogue Mexico-Canada (DEAN Mex-Can). The Mexican delegation was led by Economy Minister Tatiana Clouthier, and the Canadian delegation was led by the ministers for international trade and innovation, Mary Ng and François-Phillipe Champagne, respectively. DEAN Mex-Can will have three aims: to strengthen the competitive advantage of Canada and Mexico by increasing regional integration; to support equitable growth and bilateral trade; and to strengthen investment climates. According to Canadian official figures, two-way merchandise trade between Canada and Mexico was CAN$41.7bn (US$32bn) in 2021. Mexico is Canada’s third largest single-country trading partner and Canada was Mexico’s sixth-largest trading partner in 2021. Canada remains one of the highest foreign investors in Mexico with direct investment totalling CAN$25bn in 2021. Canada also accounts for two-thirds of all foreign investment in the Mexican mining industry. The talks aim to reduce the effects of global supply trade issues due to the war in Ukraine and ease concerns over the Mexican government’s new regulatory and energy policies.

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