English

Mary Ng and Raquel Buenrostro discuss energy controversy

Mary Ng, Canada‘s Minister of International Trade, Export Promotion, Small Business and Economic Development, and Raquel Buenrostro, Mexico‘s Secretary of Economy, spoke Friday about the energy dispute between the two countries.

Mary Ng and Raquel Buenrostro spoke virtually, while the consultation process that could activate a dispute settlement panel under the Mexico-United States-Canada Agreement (USMCA) regime continues.

“Minister Ng reiterated Canada’s continuing concern about the investment climate in Mexico, especially in the energy and mining sectors. Specifically, he emphasized Canada’s concerns raised in the ongoing consultations Canada initiated under the T-MEC with respect to certain energy sector reform measures,” the Canadian Department of Trade said in a press release.

On July 20, 2022, the United States requested consultations with Mexico under the Dispute Settlement chapter of the T-MEC, arguing that several Mexican energy policies violate the agreement, favor Pemex and the Federal Electricity Commission (CFE), and negatively affect U.S. companies operating in Mexico and U.S.-produced energy. Canada then filed its own request.

Mary Ng

At the meeting, Minister Ng reaffirmed Canada’s commitment to advance the implementation of the T-MEC and to continue the work being done under initiatives such as the Canada-Mexico High-Level Economic Dialogue to deepen bilateral business, trade and investment ties and support inclusive and resilient economic growth.

Minister Ng also raised Canada’s concerns regarding Mexico’s approach to biotechnology approval, particularly in the context of growing global food safety concerns, and the importance of a science-based regulatory process.

The Minister noted that Canada remains committed to working with Mexico to maintain resilient supply chains, support stable and predictable trade, and increase competitiveness for the benefit of workers in both countries.

Two-way merchandise trade between the two countries was $41.7 billion in 2021.

Mexico is Canada’s third largest single-country merchandise trade partner (after the United States and China).

Canadian direct investment in Mexico was $25 billion in 2021, making it Canada’s ninth largest direct investment destination.

Canadian companies account for two-thirds of all foreign investment in Mexico’s mining sector.

 

Redacción Opportimes

Publicidad
Mostrar más
Botón volver arriba