New Recommendations for an old relationship.
Mexico is Canada’s fifth largest export market and in 2011, Canada was the sixth largest source of foreign direct investment in Mexico at five billion USD. 1 Economic Development Canada (EDC) estimates that there are 2,500 Canadian affiliates based out of Mexico including some of the countries largest multinational companies (MNCs) such as Goldcorp, Bombardier, and Scotiabank.
Canada-Mexico relations are currently institutionalized through the North American Free Trade Agreement (NAFTA), Double Taxation Agreement, Transpacific Partnership (TPP) Agreement, Nuclear
Cooperation Agreement and a trade and investment promotion initiative, the Canada-Mexico Partnership. Although the NAFTA has increased trade between Canada and Mexico nearly
six-fold since 1994, reaching USD 20 billion by 2012, it is dwarfed by trade increases between both countries with the United States. Both middle powers that neighbor the largest economy in the world, they could secure more favorable agreements with the United States if they cooperated more closely.
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