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Article: Corn Products International Updates NAFTA Proceedings.
- Article from:
- Economics & Business Week
- Article date:
- September 5, 2009
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On October 21, 2003, Corn Products International, Inc. (NYSE: CPO) submitted, on its own behalf and on behalf of its Mexican affiliate, CPIngredientes, S.A. de C.V., a Request for Institution of Arbitration Proceedings (the "Request") against Mexico pursuant to Chapter 11 of the North American Free Trade Agreement ("NAFTA"). In the Request, the Company asserted that the imposition by Mexico of a discriminatory tax on beverages containing HFCS breached various obligations of Mexico under the investment protection provisions of NAFTA.
The case was bifurcated into two phases, liability and damages, and a hearing on liability was held in July 2006. In a Decision ...