Canada on Tuesday highlighted the achievements of the free trade agreement with Chile on the 25th anniversary of its entry into force, considering that it has enabled Canadian direct investment in the South American country to multiply. by five during this period.

Canadian International Trade Minister Mary Ng said Canadian direct investment now stands at C$23.1 billion (US$17.7 billion), making the North American country the second largest foreign investor in the world. Chile.

In addition, two-way merchandise trade has quadrupled since 1997.

Ng said the anniversary is an opportunity to reflect on what the two countries have achieved through the agreement, the first bilateral free trade agreement Canada has signed with a Latin American country.

Ng’s statement comes days before the Canadian Minister will meet in Vancouver, Canada on July 7-8 with Mexico’s Secretary of Economy, Tatiana Clouthier Carrillo, and U.S. Trade Representative, Katherine Tai, to “celebrate “the second anniversary of the free trade agreement between the three countries, known as T-MEC.

Canada said the Vancouver meeting will allow “important trilateral discussions” and “recognize the collaboration and successes” of the North American trade agreement.

But on Monday, Clouthier told Mexican newspaper El Universal that the United States was misrepresenting T-MEC with labor demands against Mexico.

The celebration of the 25th anniversary of the free trade agreement with Chile also comes at a time of particular harmony between Ottawa and Santiago de Chile, following the inauguration of Gabriel Boric as President of the South American country.

Boric visited Canadian Prime Minister Justin Trudeau in Ottawa on June 6, and the two leaders stressed their desire to deepen bilateral relations.