March 3, 2017 / 6:53 PM / 7 months ago

NAFTA needs to be modernized: Mexican economy minister

Ildefonso Guajardo Villarreal, Mexico Minister of Economy, addresses the Detroit Economic Club in Detroit, Michigan, U.S., March 3, 2017. REUTERS/Rebecca Cook

DETROIT (Reuters) - Mexico is prepared to negotiate changes to the North American Free Trade Agreement to modernize the 23-year-old open trade pact grouping the United States, Canada and Mexico, Economy Minister Ildefonso Guajardo said on Friday.

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.

Reporting by Joe White; Editing by James Dalgleish

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