Mexico and Canada are taking proactive steps to enhance their economic relationship by developing a bilateral action plan aimed at expanding investments and reducing trade barriers amidst ongoing tensions with the United States, particularly under the Trump administration. The plan was announced by Mexico's Secretary of Economy, Marcelo Ebrard, following discussions in Mexico City with Canadian Minister Dominique LeBlanc. This initiative seeks to track concurrent improvements in trade and investment without being directly tied to the T-MEC agreement, responding to the need for more agile economic cooperation between the two countries.

Ebrard described the talks as some of the most comprehensive in recent years, hinting at a long-term strategy to foster closer ties. This approach not only aims to facilitate smoother trade but also to encourage direct dialogues between companies in both countries. The decision to formulate an action plan indicates awareness of the shifting political landscape and potential future challenges, particularly those posed by the U.S. and its trade policies under Trump, creating a strategy that allows Mexico and Canada to bolster their economic collaboration independently.

The bilateral action plan is intended to be finalized in the latter half of the year, marking a significant milestone in Mexico-Canada relations. By preparing for these joint initiatives, both countries are also preparing to mitigate the impacts of any adverse developments in their relations with the U.S., providing a buffer that ensures their trade and investment climates remain stable and progressive. The outcome of this initiative may set a precedent for future collaborations among North American partners beyond the T-MEC framework.