CANADIAN IMPERIALI$M
Canada concerned with Mexico’s proposed mining reformsReuters | April 26, 2023 |
Andrés Manuel López Obrador. (Image courtesy of Mexican President’s Office.)
Canada’s Trade Minister Mary Ng expressed concern with Mexico’s proposed mining reforms in a call with Mexican Economy Minister Raquel Buenrostro on Tuesday, the trade ministry said in a statement on Wednesday.
The mining reforms, proposed by the Mexican government last month, would include shortening concessions to 15 from 50 years, tightening rules for water permits and requirements to give back at least 10% of profits to communities and disclose mining impacts. Last week, the Mexican parliament’s lower house voted to press ahead with the proposed overhaul.
The proposal could affect Canadian investment in Mexico’s mining sector and have impacts on North American competitiveness and supply chain resiliency, the Canadian trade ministry said.
Ng also “urged Mexico to ensure they are upholding the spirit of commitments made by leaders at the North American Leaders Summit and of the Canada-United States-Mexico Agreement.”
The mining law overhaul has also been criticized by industry leaders, who say it would cost Mexico billions of dollars in lost investment and jobs.
Mexico is Canada’s third-largest trading partner after the United States and China and two-way trade between the two countries was valued at C$49.7 billion ($36.5 billion) in 2022.
In her call with Buenrostro, who is scheduled to visit Canada in June, Ng reiterated the importance of consultations with “all stakeholders regarding the proposed reforms, including with Canadian companies, which represent the largest group of foreign investors in Mexico’s mining sector.”
($1 = 1.3628 Canadian dollars)
(By Ismail Shakil and Steve Scherer; Editing by Bernadette Baum and Emelia Sithole-Matarise)
Andrés Manuel López Obrador. (Image courtesy of Mexican President’s Office.)
Canada’s Trade Minister Mary Ng expressed concern with Mexico’s proposed mining reforms in a call with Mexican Economy Minister Raquel Buenrostro on Tuesday, the trade ministry said in a statement on Wednesday.
The mining reforms, proposed by the Mexican government last month, would include shortening concessions to 15 from 50 years, tightening rules for water permits and requirements to give back at least 10% of profits to communities and disclose mining impacts. Last week, the Mexican parliament’s lower house voted to press ahead with the proposed overhaul.
The proposal could affect Canadian investment in Mexico’s mining sector and have impacts on North American competitiveness and supply chain resiliency, the Canadian trade ministry said.
Ng also “urged Mexico to ensure they are upholding the spirit of commitments made by leaders at the North American Leaders Summit and of the Canada-United States-Mexico Agreement.”
The mining law overhaul has also been criticized by industry leaders, who say it would cost Mexico billions of dollars in lost investment and jobs.
Mexico is Canada’s third-largest trading partner after the United States and China and two-way trade between the two countries was valued at C$49.7 billion ($36.5 billion) in 2022.
In her call with Buenrostro, who is scheduled to visit Canada in June, Ng reiterated the importance of consultations with “all stakeholders regarding the proposed reforms, including with Canadian companies, which represent the largest group of foreign investors in Mexico’s mining sector.”
($1 = 1.3628 Canadian dollars)
(By Ismail Shakil and Steve Scherer; Editing by Bernadette Baum and Emelia Sithole-Matarise)
No comments:
Post a Comment