Alexander Joy

Mexico. Canada’s Minister for International Trade, Mary Ng, has conveyed Ottawa’s concerns over investment, particularly in the energy and mining sectors, to the head of the Ministry of Economy (SE), Raquel Buenrostro Sanchez.

After the Mexican official had a virtual meeting with U.S. Trade Representative Katherine Tai on Friday, it was Ng’s turn, who reiterated his commitment to continue building trade relations and investment between the two countries.

During a virtual meeting, the Minister reaffirmed Canada’s commitment to advancing the implementation of the United States-Mexico-Canada Treaty (T-MEC) and “reiterated Canada’s ongoing concerns regarding the climate of investment in Mexico, particularly in the energy and mining sectors.

The Canadian official highlighted Canada’s concerns raised in consultations on energy issues initiated under the T-MEC.

The SE indicated in a message on its Twitter account that they both agreed to maintain the working tables related to the energy issue.

When meeting with the U.S. Trade Representative on Thursday, Mexico promised to continue consultations on energy issues that began on July 20 but were extended after the 75-day period ended.

Mexico’s two trading partners requested the consultations on the grounds that President Andrés Manuel López Obrador’s energy policy favored state-owned companies in the sector, namely Petróleos Mexicanos (Pemex) and the Federal Electricity Commission (CFE). .

The Canadian Minister also raised biotechnology concerns, in particular global food security and the importance of a science-based regulatory process, which was also requested by the Office of the United States Trade Representative (USTR) , although this one focused on corn.

In addition, it was agreed to continue the work carried out within the framework of the Canada-Mexico High-Level Economic Dialogue, in order to deepen bilateral business, trade and investment relations and to support inclusive economic growth capable of to overcome the crisis.

Officials also pledged to maintain supply chains that are resilient to the unexpected, support stable and predictable trade, and increase competitiveness to benefit workers in both countries.

Trade between the two nations amounted to 41 thousand 7 million last year, making Mexico the third largest trading partner after the United States and China.

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

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