Exclusive: Canada seeks progress in dispute over Mexican energy policies at summit & More Trending News

 

OTTAWA, Jan 6 (Reuters) – Canada and the United States are going to argue at a North American leaders’ summit subsequent week that resolving a dispute over measures that favor Mexican energy corporations would assist draw extra international funding to Mexico, Prime Minister Justin Trudeau stated on Friday.

“Both (U.S) President (Joe) Biden and I are going to be… fairly clear with President (Andres Manuel) Lopez Obrador that this… needs to be understood as a way to help Mexico develop, a way to continue to draw in investments from companies in Canada and the United States,” Trudeau informed Reuters.

Asked if he hoped to make progress at the summit in Mexico City, Trudeau stated: “Absolutely”.

The United States and Canada entered into dispute settlement talks final 12 months with Mexico underneath a North American commerce deal, referred to as the USMCA, charging that Mexican energy policies had been discriminatory and undermine worldwide companies.

Trudeau will arrive in Mexico City on Monday for a three-day go to, which is able to embrace bilateral conferences with each Biden and Lopez Obrador. He will meet with enterprise leaders from all three international locations on Monday.

Lopez Obrador, a leftist energy nationalist, has pledged to revive state-owned energy utility Comision Federal de Electricidad (CFE) and oil producer Petroleos Mexicanos (Pemex), which he argues his predecessors intentionally undermined to cede Mexico’s energy market to foreigners.

“I understand he wants to put more of an emphasis on the state-owned energy companies,” Trudeau stated in his workplace in Ottawa, “but it has to be done in a responsible way, in a way that understands that he’s a part of (USMCA) and he has to abide by those rules.”

The United States and Canada are difficult amendments to Mexican laws that prioritize distribution of CFE-generated energy over cleaner sources of energy offered by private-sector suppliers, comparable to wind and photo voltaic.

“Canadian companies invested about C$13 billion ($9.7 billion) in energy infrastructure. In Mexico, C$5 billion of that is specifically around renewables,” Trudeau stated.

His message to enterprise leaders will probably be that the brand new commerce pact is working, he stated, and is “creating jobs, opportunity and growth across our countries”.

Talks with Biden will doubtless concentrate on “maximizing economic opportunities” as a result of there’s an excessive amount of “economic turbulence coming in the coming months,” Trudeau stated, citing provide chains, the conflict in Ukraine, inflation and better rates of interest.

($1 = 1.3437 Canadian {dollars})

Reporting by Steve Scherer
Editing by Alistair Bell

Our Standards: The Thomson Reuters Trust Principles.

Exclusive: Canada seeks progress in dispute over Mexican energy policies at summit

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