US agribusiness giant Cargill has settled a long-running dispute with the Mexican government over trade barriers erected against high-fructose corn syrup.

Cargill reportedly filed a claims against Mexico in 2005 under Chapter 11 of the North American Free Trade Agreement, which allows companies to sue member countries of the treaty for actions that affect their investments.

In 2009, an international arbitration panel concluded that Mexico had breached the act, thus increasing the price of corn syrup. It subsequently awarded Cargill damages of $77.3m, according to Reuters.

The firm, however, took the government to court in December last year, claiming it had failed to pay the award and that it was now worth US$94.6m.

A spokesperson for Cargill confirmed the matter had now been settled.

"Cargill is pleased that this matter has been resolved. We are dedicated to compliance with NAFTA and believe NAFTA is a positive force for trade relations among the United States, Canada and Mexico. We will continue to invest in our Mexican business operations to better serve and support our customers in Mexico."