On June 29th, 2016, the Prime Minister of Canada, Justin Trudeau, the President of the United States, Barack Obama, and the President of Mexico, Enrique Peña Nieto, discussed ways to advance trade and competitiveness, at the 2016 North American Leaders’ Summit.
Canada, the United States, and Mexico are natural partners in North America – being one of the most successful economic regions in the world. Since the formation of the North American Free Trade Agreement (NAFTA), the North American economy has become an integrated production platform that maximizes capabilities and makes each economy more innovative and competitive. While the majority of trade is between the US and Canada, trade and investment with Mexico continues to grow. Expanding regional and continental supply chains have opened new global export opportunities for the countries entrepreneurs and small businesses.
North American Cluster Mapping
The Heads of State announced their commitment to establishing a North American Cluster Map, an activity that helps a large array of stakeholders gain a solid understanding of a region’s economic strengths and opportunities. Mexico will publicly release its national map in July, and Canada has committed to develop a national map. The maps, which will show clusters of interconnected companies, suppliers, and institutions and be available for free on line, will allow individuals, businesses and local governments to identify investment and trade opportunities and plan economic development strategies to most strategically identify areas for investment and understand the strengths of their region.