Canada Eyes Trade Opportunities as World Cup Approaches

Sarah Jenkins, Wall Street Reporter
5 Min Read
⏱️ 4 min read

As the 2026 World Cup draws near, Canada’s Sports Minister, Adam van Koeverden, is optimistic that the event will serve as a catalyst for a new trilateral trade agreement involving the United States and Mexico. With the tournament set to kick off this summer on home soil, van Koeverden believes that the spotlight on the event could facilitate crucial discussions surrounding the existing trade framework among the three nations.

A Timely Trade Negotiation

The current trade agreement, known as the United States-Mexico-Canada Agreement (USMCA), is under review, with a deadline looming on 1 July. Initial negotiations have encountered challenges, particularly following former President Donald Trump’s decision to halt formal discussions with Canada last October. Trump had suggested the abandonment of the USMCA in favour of separate bilateral arrangements. However, both Canada and Mexico are keen to uphold the existing terms, which allow for approximately 85% of trading activities to occur without tariffs.

In a recent interview, van Koeverden expressed hope that informal engagements during the World Cup could create a conducive atmosphere for advancing negotiations. Notably, Trump, along with Mexican President Claudia Sheinbaum and Canadian Prime Minister Mark Carney, is expected to attend several matches, providing an opportunity for dialogue.

The Power of Sport in Diplomacy

Drawing from his own experiences as an Olympic athlete, van Koeverden articulated the unifying power of sports in bridging divides. “We see this as a great opportunity to bring not just our world together globally, but also Canada, Mexico, and the United States on a trilateral basis as we renegotiate our trade terms,” he stated. The minister recalled the last time he saw Sheinbaum, Trump, and Carney together was at the FIFA draw in Washington, D.C., last December, where he noted a positive atmosphere surrounding the potential for cooperation.

The Power of Sport in Diplomacy

His background as a decorated kayaker lends him a unique perspective on international camaraderie, as he remarked, “Getting to know people from other countries was the biggest gift that my sport provided me with.”

Canada’s World Cup Preparations

In contrast to the United States, Canada’s preparations for the World Cup have been relatively smooth, devoid of significant tensions among host cities, the federal government, and FIFA. Toronto and Vancouver are set to host a total of 13 matches, complemented by daily Fan Fests throughout the tournament. Moreover, the Canadian government is actively financing 35 events in various towns and cities, ensuring that the World Cup experience resonates across the entire nation.

Van Koeverden, who has been dubbed Canada’s official FIFA Sherpa, highlighted the inclusive nature of the event. “The World Cup is, in Canada at least, entirely a coast-to-coast-to-coast initiative,” he explained. The celebrations will extend to all corners of the country, from Whitehorse in the Yukon Territory to St. John’s in Newfoundland, with a vision of showcasing Canada as a vibrant host nation.

Economic Impact and Legacy

The Canadian government anticipates a significant economic boost from hosting the World Cup, projecting a $2 billion increase in GDP. This figure is attributed not only to the influx of tourists but also to the creation of numerous domestic jobs, particularly in Toronto and Vancouver. Van Koeverden emphasised the vital role of sports in the Canadian economy, stating, “Sport is fundamental to our economy in Canada, and hosting the World Cup is a great way to demonstrate how powerful sport can be in creating jobs and opportunities.”

Economic Impact and Legacy

In line with this vision, the government has pledged to invest $755 million in a four-pronged legacy programme aimed at enhancing sports participation across the country. Van Koeverden articulated the broader benefits of such an investment, noting that “sport does a great job doing all four [pillars]: it provides kids with opportunities, makes us all healthier, brings us together, and showcases Canada across the world.”

Why it Matters

The upcoming World Cup presents a unique intersection of sport and diplomacy for Canada, with far-reaching implications for trade relations with its North American neighbours. As the tournament unfolds, the potential for fostering collaboration and strengthening economic ties could redefine the landscape of trade agreements in the region. The event not only promises to elevate Canada’s global profile but also underscores the enduring belief in the power of sport to unite nations for common goals.

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Sarah Jenkins covers the beating heart of global finance from New York City. With an MBA from Columbia Business School and a decade of experience at Bloomberg News, Sarah specializes in US market volatility, federal reserve policy, and corporate governance. Her deep-dive reports on the intersection of Silicon Valley and Wall Street have earned her multiple accolades in financial journalism.
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