Cargill, Inc. (“Claimant” or “Cargill”), a food company incorporated in the United States of America, argues in this arbitration that the government of United Mexican States interfered with its investment in the Mexican market, in breach of Mexico’s legal obligations under Chapter 11 of the NAFTA. Through its Mexican subsidiary, Cargill de Mexico S.A. de C.V., Cargill, Inc. had undertaken to sell high fructose corn syrup (“HFCS”) in Mexico. Cargill argues that Mexico’s imposition of a tax on soft drinks containing HFCS and its failure to issue import permits violated NAFTA Articles 1102, 1103, 1105, 1106 and 1110, and resulted in damages to Cargill’s investment. Mexico argues that its actions have not violated the NAFTA.