Mexico push for EITI recognition advances

Wednesday, November 23, 2016

Mexico has reaffirmed its commitment to comply with the Extractive Industries Transparency Initiative (EITI) standard – and on Wednesday its finance ministry (SHCP) published an associated "declaration of principles."

The EITI is a global standard, managed by an international secretariat based in Norway, to promote open and accountable management of natural resources.

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Mexico formed a multi-stakeholder working group in June 2015 as part of efforts to obtain EITI recognition.

The energy ministry (Sener) said the declaration reaffirms the country's commitment to comply with the standard.

The EITI secretariat, on its website, says: "The EITI Standard requires information along the extractive industry value chain from the point of extraction, to how the revenue makes its way through the government, to how it benefits the public.

"This includes how licenses and contracts are allocated and registered, who are the beneficial owners of those operations, what are the fiscal and legal arrangements, how much is produced, how much is paid, where are those revenues allocated, and what is the contribution to the economy, including employment."

The declaration, in Spanish, can be found here.