Mexico hit by trade arbitration proceedings from Canadian, US firms

Silver Bull Resources

22/07/2023 23:04

MEXICO CITY, July 22 (Reuters) - Mexico has been hit
with three sets of trade arbitration proceedings in the past few
days, according to the International Centre for Settlement of
Investment Disputes (ICSID).
    First Majestic Silver and Silver Bull Resources, both
Canadian companies, as well as U.S. food firm Arbor Confections
have filed cases against Mexico, ICSID said in brief statements
issued between Thursday and Friday.
    The proceedings all invoked the North American Free Trade
Agreement (NAFTA) and the United States-Mexico-Canada Agreement
(USMCA) which replaced NAFTA. The statements did not set out
what sort of redress the companies were seeking.
    In June, Silver Bull said it would likely soon be filing a
request for arbitration against Mexico over its Sierra Mojada
project on a claim worth at least $178 million.  urn:newsml:reuters.com:*:nGNXbWbdym
    Arbitration magazine CIAR Global said the Arbor Confections
claim relates to a leasing contract for an industrial warehouse
in the border city of Ciudad Juarez. The firm could not
immediately be reached for comment.
    In 2021, First Majestic said it had started arbitration
proceedings against Mexico following a tax dispute. It was not
clear if and how the latest filing related to that issue. The
company did not immediately respond to a request for comment.
    The administration of President Andres Manuel Lopez Obrador
has sought to tighten state control of natural resources and the
energy market, sparking trade disputes with the United States
and Canada over the energy sector and corn.

 (Reporting by Dave Graham; Editing by Paul Simao)
 ((dave.graham@thomsonreuters.com; +52 55 5282 7146; Reuters
Messaging: dave.graham.thomsonreuters.com@reuters.net))