Mar 4, 2013

Mexico’s ruling party votes to reform energy sector, allow sales tax on food, medicines

The Washington Post
March 3, 2013

Mexico City -  Mexico’s ruling party changed its platform on Sunday to allow for private investment in the oil industry, paving the way for a possible overhaul of a state-owned company that is seen as a pillar of the nation.

Nearly 5,000 members of the Institutional Revolutionary Party, also known as the PRI, voted unanimously at their national convention to remove language in the party’s platform that for years had opposed injecting private money in the sector. Petroleos Mexicanos, or Pemex, is the only company that can carry out oil refining. The party also erased its opposition to sales taxes on food and medicines.

President Enrique Pena Nieto, who led last year’s electoral comeback for the party that governed from 1929 to 2000, said the energy and fiscal reforms are needed for Mexico to become more competitive. He urged party members to support him when he sends the bills to Congress, likely in the second half of this year.

“The PRI is seeking renovation to bring the changes Mexico needs,” Pena Nieto told a crowd of thousands. “The PRI is not pleased and it is choosing to reexamine and redefine where it stands on the challenges facing the country.”  Read more. 

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