Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Mexico says energy dispute not discussed at North American leaders' summit

Published 01/12/2023, 10:21 AM
Updated 01/12/2023, 12:57 PM
© Reuters. FILE PHOTO: Mexican President Andres Manuel Lopez Obrador speaks at a joint news conference with U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau at the conclusion of the North American Leaders' Summit in Mexico City, Mexico, January 10

MEXICO CITY (Reuters) -The leaders of North America did not discuss an ongoing dispute over Mexico's energy policies during a summit in Mexico City this week, Mexican President Andres Manuel Lopez Obrador said on Thursday.

Washington and Ottawa in July launched dispute settlement proceedings under a regional trade deal against Mexico's drive to give priority to its state-run energy companies, arguing the policy discriminates against private U.S. and Canadian firms.

"We did not discuss that," Lopez Obrador told a news conference, noting the dispute had its own resolution mechanism under the United States-Mexico-Canada (USMCA) trade agreement.

Lopez Obrador met with U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau for a trilateral summit on Tuesday in Mexico City. He also held a bilateral meeting with Biden on Monday and one with Trudeau on Wednesday.

Trudeau did raise Canada's concerns over Mexico's energy policies, prompting Lopez Obrador to announce he would receive Canadian companies that had problems they wanted resolving.

The Mexican president said he would meet with one Canadian company that had an issue on electricity relating to so-called self-supply permits, which his government has sought to end.

He did not name the company, and said there were also "one or two" companies to do with mining, without identifying them. He could meet the company with the electricity complaint as soon as next week, he said.

© Reuters. FILE PHOTO: Mexican President Andres Manuel Lopez Obrador speaks at a joint news conference with U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau at the conclusion of the North American Leaders' Summit in Mexico City, Mexico, January 10, 2023.  REUTERS/Henry Romero

Lopez Obrador last year sat down with U.S. companies to address their problems in the energy sector.

But it did not prevent the U.S. Trade Representative filing its request for dispute settlement talks, which Canada immediately joined. Officials and industry sources said the United States took the step because it was not satisfied with purely ad hoc settlements for their energy concerns.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.