In a speech to the Canadian Chamber of Commerce in Mexico this week, Canada's Minister of International Trade Michael M. Fortier spoke of the growing significance of the North American Free Trade Agreement (NAFTA) for bilateral trade between Canada and Mexico.
"Today, Mexico is Canada’s fifth-largest export market - and a growing one, too. In addition, Canada is a key market for Mexico, second only to the US in terms of market share," Fortier observed in his speech.
He noted that more than 2,800 Canadian companies are currently active in Mexico, with over 3,000 others currently working on their first sale, many of which are small and medium-sized businesses.
He went on to added that:
"We’ve used NAFTA as a launching pad for a mature and growing bilateral partnership. But it’s up to us to write the next chapter - especially today, when we see the US economy experiencing difficulties.
"Our leaders have set the goal of increasing bilateral trade by 50%, and bilateral investment by 100% between 2005 and 2010. To help reach this goal, our countries are working together through the Canada-Mexico Partnership (CMP).
"Today, NAFTA remains more important than ever. Global competition hasn’t gone away. If anything, it has grown fiercer. It’s up to us to make more out of the NAFTA partnership, and to strengthen our competitiveness as a continent and in our economies at home.
"Since joining the North American free trade partnership, Mexico’s economy has grown dramatically. It has become a close and valued partner of the US and Canada on economic and security matters. And it benefits from an extensive network of free trade agreements with more than 40 countries."
Fortier concluded that
"Indeed, our relationship with Mexico provides a great opportunity to demonstrate to the world the advantages of open, transparent and competitive economic cooperation - and the benefits of reaching out to the world to create opportunities for our citizens."
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