24 November 2016, 16:06 GMT
WASHINGTON (Sputnik) — Immigration Minister John McCallum said the move is expected to improve bilateral relations and increase business opportunities, trade and investment for both countries.
"As of 00:01 EST today, the government of Canada has lifted the visa requirement on Mexico," the release stated. "The visa lift underscores the great importance Canada places on its friendship with Mexico, and the closer ties that will come from lifting the visa."
Canada and Mexico are each other’s third largest two-way trading partners.
A government regulatory impact statement estimated that the move will cost $434 million over the next decade, in part due to extra security measures.
Ottawa expects to gain $172 million from increased tourism, trade and investment.
