Mexico Begins Consultations to Set Parameters for Renegotiation of NAFTA

Mexico will begin a formal 90-day process of consultations with the private sector to fix the parameters for renegotiation of the North American Free Trade Agreement (NAFTA) with the United States and Canada, the Mexican Foreign Ministry said Wednesday.

MEXICO CITY (Sputnik) – On January 23, US President Donald Trump promised to renegotiate (NAFTA). During his presidential campaign, Trump often criticized and pledged to repeal NAFTA unless the agreement was renegotiated in a way that would prove more favorable to the United States.

The Mexican government "will initiate a formal process of consultations with the private sector and other relevant players for 90 days … to fix the parameters which will guide the revision and deepening of the North American Free Trade Agreement (NAFTA)," the statement read.

NAFTA was signed by the United States, Mexico and Canada in 1994 to facilitate the trade between the three countries.