Canada is concerned about investment climate in energy and mining in Mexico

The government of Canada told his Mexican counterpart that he is concerned about the investment climate in the sectors of the Energy and the mining in Mexico.

Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development of Canada, expressed this position to Raquel Buenrostro, Secretary of the Economy of Mexico, who spoke virtually this Friday.

At the meeting, Minister Ng reaffirmed Canada’s commitment to advance the implementation of the Treaty between Mexico, USA y Canada (T-MEC) and to continue the work carried out within the framework of 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 reiterated Canada’s ongoing concern about the investment climate in Mexico, especially in the energy and mining sectors. Specifically, she emphasized Canada’s concerns raised in the ongoing consultations that Canada initiated under the USMCA regarding certain energy sector reform measures,” the Canadian government said in a press release.

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.

Minister Ng noted that she hoped to have the opportunity to meet with Secretary Buenrostro in person in the near future.

Ng congratulated Buenrostro on his new role in the cabinet, as Secretary of the Economy, and reiterated his commitment to continue building the close trade and investment relationship that has existed for a long time between Canada and Mexico.

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

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

Mexico has been identified as a priority market for Export Development Canada, which has operated a regional office in Mexico since 2000, providing extensive financial services related to Canadian exports and investments in the country.

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

roberto.morales@eleconomista.mx