Over the last three decades, oil’s importance in the Mexican economy has diminished, with energy products shrinking from over three-quarters of all exports in 1982 to less than 15 percent in 2012. Still energy’s role in Mexico’s politics has not receded, in part due to the federal budget’s dependence on the sector—taxes and royalties comprise roughly a third of total inflows into government coffers. As the Congress negotiates the secondary legislation that will set the ground rules for opening up the energy sector in Mexico, the government will have to address this dependence as well, weaning itself from Pemex’s largesse.
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What we are Reading.
- No Keystone, no problem: TransCanada turns to Mexico expansion | Calgary Herald
- Forget NAFTA, the TPP is the new ‘gold standard’ of global trade | Financial Post
- Obama reaches out to Mexico, but not Canada, in push to wrap up TPP deal – The Globe and Mail
- Mexico pitches Canada’s oilpatch to build, invest in pipelines down south | Financial Post
- Canada, Mexico share concerns about TPP impact to auto industry – Windsor – CBC News