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NAFTA needs to be modernized, says Mexican minister

Staff Writer |
Mexico is prepared to negotiate changes to the North American Free Trade Agreement to modernize the 23-year-old open trade pact grouping the U.S., Canada and Mexico, Economy Minister Ildefonso Guajardo said.

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Guajardo said Mexico is prepared to discuss with the Trump administration and Canada revisions to NAFTA, such as including labor and environmental standards. Mexico "is willing to modernize NAFTA," he said.

However, Guajardo said Mexico will not accept tariffs. U.S. President Donald Trump has called for new border taxes on Mexican-made goods.

"It makes no sense to introduce an agreement with border restrictions or tariffs," he said.

Meanwhile, the peso rallied on Friday to a nearly four-month high after the new U.S. commerce secretary offered a softer tone on trade talks.

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