LatinNews Daily - 27 April 2023

In brief: Canada concerned about Mexico’s mining reforms

* In a call with Mexico’s economy minister, Raquel Buenrostro, Canada’s international trade minister, Mary Ng, has expressed concern about Mexico’s proposed mining reforms, which were approved by Mexico’s federal lower chamber on 20 April and are currently being discussed by the federal senate. Ng warned that the reforms “could affect Canadian investment in Mexico’s mining sector, as well as [have] potential impacts on North American competitiveness and supply chain resiliency”. The Canadian minister went on to reiterate “the importance of conducting broad and transparent consultations with all stakeholders regarding the proposed reforms, including with Canadians companies, which represent the largest group of foreign investors in Mexico’s mining sector”. She urged Mexico to ensure that it is “upholding the spirit of commitments” made by leaders at the North American Leaders Summit (NALS) which took place at the start of the year, and of the US-Mexico-Canada Agreement (USMCA). She also noted that Buenrostro is due to visit Canada from 12-13 June for a bilateral visit. The Canadian government press release announcing Ng’s statements has highlighted that two-way merchandise trade between Canada and Mexico was valued at C$49.7bn (US$36.47bn) in 2022, that Mexico is Canada's third-largest single-country merchandise trading partner after the US and China, while Canadian direct investment in Mexico was valued at C$25bn in 2021.

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