LatinNews Daily - 07 May 2021

In brief: Mexico’s hydrocarbons law reform stokes concern

* The private sector lobby International Chamber of Commerce México (ICC México) has issued a statement raising concerns about the Mexican government’s recent reform of the hydrocarbons law. Among other things ICC México warns that the reform could violate free trade agreements, such as the US-Mexico-Canada Agreement (USMCA) on regional trade, the economic cooperation agreement with the European Union (EU) and the Trans-Pacific Partnership (TPP) free trade agreement. It also warns that the reform could “discourage participation of new competitors in the hydrocarbons market, reduce supply or distort the framework for [issuing] permits, which would have negative consequences not just for investors but also for consumers”. ICC México reiterates that legal security is an “indispensable requirement for investment”.

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