WASHINGTON, D.C. (June 11, 2001) — U.S. President Bush has lifted restrictions on Mexican citizens investing in American truck and bus companies.

In a memo released Wednesday, Bush said the United States would comply with a long-delayed provision of the North American Free Trade Agreement that was supposed to allow Mexicans to have 100% ownership of such American carriers and bus companies by 1995. Mexicans who want to own or control U.S. companies that provide point-to-point freight or passenger service must apply to the U.S. Dept. of Transportation.

U.S citizens, however, are restricted to 51% ownership in Mexican carriers until 2004, when the limit will be lifted.

A NAFTA panel ruled in February that the United States was violating the treaty by preventing the carriers from operating north of the border and by blocking the investments. The cross-border investments were delayed when President Clinton refused to implement another NAFTA provision that gave Mexican trucks full access to American roadways by January 2000.

The United States is preparing to comply with the NAFTA provisions starting next January by creating new procedures for ensuring the safety fitness of Mexican carriers.

The Mexican government welcomed Bush’s action, but said it would remain watchful to ensure Mexican truckers get the same treatment from the United States as their counterparts in Canada.