Mexico Prepared to Update NAFTA with U.S. and Canada, Reports Reuters

MEXICO CITY – Mexico is prepared to update the North American Free Trade Agreement (NAFTA) with Canada and the United States, as stated by its foreign minister on Monday. This announcement comes in response to recent criticism of the agreement from Republican presidential nominee Donald Trump.

Foreign Minister Claudia Ruiz Massieu emphasized that since NAFTA took effect in 1994, it has significantly boosted trade, created millions of jobs, attracted investment, and enhanced North America’s competitiveness in the global marketplace.

“However, after 22 years, we recognize the importance of being ready to modernize and update this treaty, and we are open to doing so if our partners suggest it,” she said.

While NAFTA is credited with modernizing the Mexican economy, it has faced severe criticism from Trump, who has threatened to dismantle the agreement if he cannot renegotiate it to favor the United States. During his campaign, he asserted that Mexico is "killing" the U.S. on trade.

Bilateral trade between Mexico and the United States amounts to approximately $500 billion annually. Trump has also indicated plans to impose punitive tariffs on goods produced in Mexico and China with the goal of bringing manufacturing jobs back to the U.S.