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Canada says it is increasingly concerned about the investment climate in Mexico

·1 min read

OTTAWA (Reuters) - Canada is increasingly concerned about the investment climate in Mexico and is watching an electricity bill designed to strengthen the Mexican state's role in the energy sector, Trade Minister Mary Ng said on Thursday.

In an emailed statement, Ng's office said she had spoken to Mexican Economy Minister Tatiana Clouthier on Tuesday and stressed Mexico must maintain a stable and predictable business environment for Canadian firms.

Corporate lobbies have objected to the electricity bill, which will give priority in electricity dispatch to the national power utility. Last week the U.S. Chamber of Commerce said it represented a breach of Mexico's commitments under the new United States-Mexico-Canada Agreement (USMCA).

"Minister Ng noted to (Clouthier) that Canada is monitoring the progress of the new Electrical Industry Law ... and expressed growing concern with the investment climate in Mexico," said the statement.

"Minister Ng highlighted the importance of maintaining a stable and predictable business environment for Canadian companies contributing to Mexico's economic growth."

Ng's office did not respond when asked whether she felt the bill breached Mexico's commitments under the USMCA, which took effect on July 1 last year. Canada's bilateral goods trade with Mexico in 2019 was worth C$44 billion compared to C$780 billion with the United States.

(Reporting by David Ljunggren; Editing by Alexandra Hudson)