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Economic Reform in Mexico

  • by ninacolburn
  • December 15, 2013
Spanish Classes, Denver, CO

Mexico’s congress approved a bill to end a 75 year state oil monopoly
and generate as much as $20 billion in additional foreign investment a year.

The nation’s most significant economic reform since the North American Free Trade Agreement, secured the required two thirds majority vote on Friday December 13, 2013

The proposal must be ratified by state assemblies, the majority which are
controlled by the alliance backing the reform.

The bill will change Mexico’s charter to allow companies such as Exxon Mobile
Corp and Chevron Corp to develop the largest unexplored crude area after
the Artic Circle.

Supporters say the overhaul could propel Mexico into the top 5 crude exporting
countries while opponents say that it will funnel resource wealth to foreign investors.

“The reform will energize Mexico’s economy”, said Carlos Capistran, chief economist at Bank of America Corps in a telephone interview.

Tags: economyforeign investment in MexicoMexicooiltrade

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    Nina Colburn is an authority on Latin American culture. She is 100% bilingual and bicultural, and has served as a cultural liaison between the United States and Mexico for several international companies. She served as a Commercial Trade Aide for the U.S. Trade Office and the U.S. Embassy in Mexico City, where she lived for 32 years.

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