Statement by Minister LeBlanc following trilateral CUSMA joint review meeting

July 1, 2026 – Ottawa, Ontario – Global Affairs Canada

Today, the Honourable Dominic LeBlanc, President of the King’s Privy Council for Canada and Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs, Internal Trade and One Canadian Economy, issued the following statement following the trilateral meeting of the fifth Free Trade Commission of the Canada-United States-Mexico Agreement (CUSMA):

“Today, I met with my American and Mexican counterparts, United States Trade Representative Ambassador Jamieson Greer and Mexico Secretary of Economy Marcelo Ebrard, to undertake the Joint Review of the Canada-United States-Mexico Agreement (CUSMA), as prescribed in Section 34.7 of the agreement.

“In this meeting, I reaffirmed Canada’s unwavering support for the CUSMA and its renewal. The CUSMA supports millions of jobs across North America, and ensures Canadian businesses retain secure and predictable access to two of our most important trading partners. It remains fully in force until 2036 and can be renewed at any time for another 16-year period.

“We agreed on the importance of continuing our discussions and identifying ways to ensure trade and investment frameworks between Canada, the United States and Mexico continue to support North American prosperity and competitiveness. For Canada, this includes substantive discussions with the United States on addressing sectoral tariffs on Canadian steel, aluminum, autos and lumber.

“Canada approaches these discussions from a position of strength and with the goal of preserving and strengthening one of the most successful trading relationships in the world. At a time of global economic uncertainty, Canada is a stable, reliable and trusted partner. We have the energy and natural resources the world needs, a world-class workforce, and a predictable business environment attracting the highest investment in decades.

We look forward to further engagement with the United States and Mexico in the coming weeks and months as we work together to strengthen our shared economic prosperity.”

Quick facts

CUSMA entered into force on July 1, 2020.
CUSMA comprises the world’s second largest free trade region, enhancing economic growth and elevating living standards across Canada, the United States and Mexico.
Canada and the United States share the world’s most comprehensive trading relationship, reaching C$3.5 billion worth of goods and services crossing the border each day in 2025.
The United States ranked as the largest investor country of foreign direct investment (FDI) stock in Canada in 2025, representing 51% of FDI stock. The United States ranked as the largest recipient country of Canadian Direct Investment Abroad (CDIA) stock in 2025, receiving 50% of CDIA stock.
In 2024, Canadian firms contributed US$15.5B in estimated project announcements capital expenditure in 2025 from Canadian multinationals in the U.S.
In 2025, U.S. FDI in Canada stood at $817 billion, while Canadian foreign direct investment in the United States was $1.3 trillion. Over half of Canada’s direct investment abroad goes to the United States, supporting job creation and economic growth in communities both small and large.
In 2025, Canada and Mexico engaged in nearly $62 billion in 2-way merchandise trade, with Canadian direct investment in Mexico reaching $66 billion, making it Canada’s eighth-largest direct investment destination.