Mexico could withdraw from the North American Free Trade Agreement (NAFTA) if a renegotiation being pushed by the administration of US President Donald Trump does not offer any benefits to the Mexican economy, Economy Minister Ildefonso Guajardo said.
“It doesn’t make any sense to stay if we get something less than what we already have,” Guajardo said in an interview on TV network Televisa on Tuesday.
His comments came as he and Foreign Minister Luis Videgaray prepare to travel to Washington for talks with US officials on trade, immigration and security. Trump has said he plans to renegotiate NAFTA but has not said when and how he will rework the terms of the trade pact.
“This treaty should be one where everyone wins,” Guajardo said of NAFTA. “It will be impossible to sell it here at home if there are no clear benefits for Mexico.”
Mexican officials have stepped up their public comments in recent days about Trump’s plans for NAFTA, under which Mexico sends nearly 80% of its exports to the US. Trump and Mexican President Enrique Peña Nieto are expected to meet next week.
On Monday, following Trump’s announcement that the US will withdraw from the Trans-Pacific Partnership (TPP), Peña Nieto said Mexico plans to push to keep trade flows between Mexico and the US free of tariffs.
He also said Mexico plans to seek bilateral trade deals with TPP member nations and will look to broaden the country’s export markets and increase investment from Asia, Latin America and Europe.