Categories: Trending now

Will Mexico’s court overhaul hamper its economy?

2024-09-12 07:55:02

Mexico’s senate voted 86-41 on Wednesday to approve a controversial judicial overhaul that will require the nation’s judges to stand for election in order to keep their jobs. Critics fear this will politicize Mexican justice and scare off investors crucial to the country’s prosperity. The peso weakened by 1% on Tuesday, and it is down 15% since Mexico’s June election, leaving investors worried that their assets might not be protected and that the reform could cause problems with the all-important US-Mexico-Canada Agreement on free trade.


Incoming President Claudia Sheinbaum – she takes office on Oct. 1 – attempted to set markets at ease, saying “national and foreign investors don’t have anything to worry about,” and claiming the reforms will “strengthen the delivery of justice in our country.”

Eurasia Group country expert Matías Gómez Léautaud says the reforms will “open the door for the political capture of the judiciary as a whole, the intermission of criminal groups, as well as the consolidation of monopolistic practices.”

“Businesses operating in Mexico will struggle to have a fair trial on any given issue in which they have to reach an arbitration process,” he notes.

The only other country where top justices are elected, Bolivia, is hardly the poster child of a stable, investable democracy, and its Constitutional Court has become a tool of the ruling party to maintain power.

Sheinbaum has consistently said she is committed to seeing the reform through despite criticisms. Federal and supreme court justices will stand for election in two cycles, in 2025 and 2027, which bracket scheduled USMCA negotiations in 2026. We’re watching whether the decision sparks more protests – and how it impacts Mexico’s economy and free trade talks.

AD
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

2 weeks ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

2 weeks ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

2 weeks ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

2 weeks ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

2 weeks ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

2 weeks ago