Mexican and British Columbia international trade officials met in Vancouver last week to explore strengthening bilateral economic ties, which have waned over the past year.
B.C. Minister of State Rick Glumac told BIV a new trade office in Mexico City has recently promoted the province’s aerospace, forestry and agricultural technology sectors.
“Mexico is identified as a new, key market,” Glumac said.
“I think we have a lot of room to grow. We’re facing the same challenges with the United States. In B.C. we’re looking for diversification all around the world,” added Glumac.
In 2024, B.C. exported just $122 million in goods to Mexico, representing only 0.2 per cent of all exports — a 10-year low. Exports peaked in 2017 at $252 million of goods.
But Glumac said Mexico accounted for $690 million of the $37 billion in services exported out of B.C., accounting for about a two-per-cent share.
Glumac said he met with a Mexican government delegation that included Jesus Valdes Corona, head of international economic promotion at the Ministry of Economy of Mexico.
Corona brought 11 Mexican startup companies to Web Summit in Vancouver last week and held a forum on trade relations at Simon Fraser University on May 27 to promotie Mexican products and services, such as financial technology.
Corona told BIV he came to B.C. to encourage more companies here to expand into Mexico.
“Mexico City is the second-largest market in Latin America for fintechs. We have a very aggressive strategy right now for tax incentives for startups, digital technology companies that want to establish in Mexico.
We want to create more of a Mexican network, and also to bring Canadian startups to Mexico,” said Corona.
Many large Canadian companies, such as Bombardier and DC Energy, have more than 30 per cent of their production in Mexico, according to Corona.
Bombardier is currently a supplier of trains for Mexico City’s subway system, he said.
The B.C. government says it is hopeful more Canadian companies forge service ties in Mexico to apply their expertise to Mexican production. The government said it believes B.C. firms can provide advanced mining solutions such as 3D modelling, simulation software, autonomous production systems and condition-monitoring technologies. They may also provide “cleantech” services such as energy efficiency, water management and wastewater treatment.
Corona expressed interest in having Glumac visit Mexico, saying he sees opportunities for Canadian agriculture and mining products and services.
“We’re working closely with the B.C. trade office in Mexico City, and we’re working to try to organize an economic trade mission from B.C. to Mexico, and to promote the products that are made in Mexico,” said Corona.
Corona dismissed the concern that U.S. politics will disrupt trade between Mexico and B.C., through measures such as transit taxes on rail shipments.
Corona underscored that Canada and Mexico are bound by two trade agreements, chiefly the Canada–United States–Mexico Agreement and also the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which includes 11 Pacific Rim countries).
But bilateral people-to-people relations have become more strained after Canada re-imposed visa restrictions on Mexican nationals in February 2024.
“We will work closely also with the Government of Canada to maybe make it easier for the tourism purposes or for Mexicans that want to come to Canada. That’s something that we want to work on. But it won’t stop us from the trade relations,” said Corona.
Glumac said the visa issue is a federal matter and took no position on it. He added that immigration from Mexico to B.C. has been on the rise over the past decade.
Re-imposing visas came after media reports of cartel members coming into Canada, although the Canadian government has said the matter was overstated.
When asked how Mexico is handling cartel crime and whether it poses a threat to trade, Corona said: “We’re working very closely with the U.S., because almost 70 per cent of the crimes that happen in Mexico are with the illegal guns that are coming from the manufacturers in the states of Arizona and Texas in the U.S.”
