Carney, Sheinbaum sign deal to deepen economic, security ties

It includes a plan to build infrastructure such as ports, rail and energy corridors while tackling crime and protecting the environment.

“Today, we’re beginning a new era of elevated co-operation with a comprehensive strategic partnership,” Carney said at a joint press conference in Mexico City Thursday evening. 

Carney and Sheinbaum emphasized that the deal will “complement” the Canada-United States-Mexico Agreement, or CUSMA.

Carney said he is confident that with the countries’ individual reviews and collective discussions on CUSMA, they will “reinforce the strength of our economies, our individual economies, and the fact that we are stronger together.” 

Speaking in Spanish, Sheinbaum said she was convinced that “the trade agreement for all three countries is the best thing for all three countries.”

Carney said Canada’s Minister of Agriculture and Agri-Food Heath MacDonald will visit Mexico next month to discuss opportunities in agricultural trade. The prime minister said Canada-U.S. Trade Minister Dominic LeBlanc will lead a trade mission to Mexico shortly after to build on “immediate opportunities” in trade and investment. 

The agreement also includes $9.9 million in funding for United Nations-led projects to combat drugs and support migrant integration.

The Canadian Chamber of Commerce, which was part of the delegation to Mexico, welcomed the announcement, calling it an “integral step towards realizing the untapped potential of the Canada-Mexico relationship.”

“As Canada diversifies our trade, Mexico should be at the top of the list — and businesses on both sides are ready to move,” said Catherine Fortin-LeFaivre, senior vice-president of international policy and global partnerships. 

“Mexico is already in our top three trading partners, and we should be building on that. The Canadian Chamber will be taking a business delegation to Mexico in early Feb 2026 to turn this momentum into concrete opportunities.”

Earlier in the day, Sheinbaum said short-term work visas and expanding ocean trade routes between Canada and Mexico topped her priority agenda for meeting with Carney. Sheinbaum said at the news conference that both countries agreed to keep work visas in place and that the countries’ labour ministries will continue to collaborate. 

Solange Márquez, an expert in diplomacy and global governance and a professor at the National Autonomous University of Mexico and the University of Toronto, said Mexico and Canada have been anxious to rebuild their relationships with the United States and have shown little recent interest in their bilateral relationship.

“We are seeing each other more like competitors than friends. Both countries are trying to get into the U.S. market, both countries are trying to be more friendly with the White House,” she said.

That’s especially true when it comes the automotive sector, which plays a large role in the economies of both countries, she said, adding that U.S. President Donald Trump’s administration is attempting to draw more automotive manufacturing into the U.S. through the use of tariffs on Canada and Mexico.

Sheinbaum told a Wednesday press conference that Carney’s visit wasn’t meant to undermine the continental alliance.

“All three countries want to maintain (the trade deal), but we want to strengthen trade with Canada,” she said in Spanish. She added that Mexico also wants Canadian mining companies to do a better job of complying with Mexico’s environmental regulations.

Ottawa says the bilateral trading relationship is growing, citing almost $56 billion in two-way merchandise trade in 2024 and $46.4 billion in direct investment in Mexico.

Sheinbaum is also trying to navigate ties with China after recently announcing tariffs on Chinese cars and other goods in response to U.S. pressure. Analysts have noted that Mexico did not immediately secure gains from Washington after announcing the policy.

Canada, Mexico and the U.S. have not held a North American leaders’ summit since the one in January 2023 in Mexico City.

Ottawa was set to host the event — commonly called the Three Amigos summit — in 2024, but it was sidelined by elections in the U.S. and Mexico and the political tumult that faced then Prime Minister Justin Trudeau.

Asked on Thursday if the Mexico and Canada were working to hold a trilateral meeting, Sheinbaum said “we will wait for the review” and then “slate a meeting if possible.” 

Carney said the countries, individually, have “very open lines of communication” with Trump and that they will work through the process of the review. 

Carney said he is confident that all three leaders would be reunited during the FIFA World Cup tournament.

The two leaders also announced Thursday that secretary of state Adam van Koeverden will serve as Canada’s FIFA designated representative, and work with his U.S. and Mexican counterparts to ensure the 2026 competition is successful.

This report by The Canadian Press was first published Sept. 18, 2025.

— With files from Catherine Morrison in Ottawa