Home Business-newBusiness AMLO gives final blow to Especial Economic Zones

AMLO gives final blow to Especial Economic Zones

by Yucatan Times
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CITY OF MEXICO.- After a decree published on Tuesday November 19th, the Ministry of Finance left without effect the Special Economic Zones (EEZ) created during the Peña Nieto administration.

special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration.

The Declarations of the Especial Economic Zones of Puerto Chiapas; Coatzacoalcos; Lázaro Cárdenas-La Unión; Progreso, Yucatan; Salina Cruz; Campeche, and Tabasco are now officially cancelled.

The decrees were published in the Official Gazette of the Federation (DOF) on September 29, 2018.

As of Wednesday Nov. 20th, 2019, declarations for Special Economic Zones are void.

The Treasury, Federal Authority in charge of the Development of the EEZs,  will carry out all the actions necessary to terminate the obligations or commitments contracted by the federal government with the states, municipalities and individuals that remain in force.

The Federation property destined to these areas will be made available to the Institute of Administration and Appraisals of National Assets. And steps will be taken so turn the properties of the Federation for the EEZs of Puerto Chiapas and Coatzacoalcos into the Ministry of Welfare, and the Interoceanic Corridor of the Isthmus of Tehuantepec, rspectively.

These EEZs were created in the Peña Nieto government so that the beneficiary regions had greater opportunities for productive activities.

The Yucatan Times Newsroom

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