Mexican President Enrique Peña Nieto spoke with U.S. President Donald Trump on Wednesday and they agreed on the "convenience" of not scrapping the North American Free Trade Agreement (NAFTA), but instead renegotiating the treaty along with Canada.
Mexico's peso gained more than 1 percent after the White House released a readout of calls Trump had with Peña Nieto and Canadian Prime Minister Justin Trudeau, in which the U.S. leader, a long-time critic of the trade pact, agreed to "bring NAFTA up to date through renegotiation."
For his part, Mexican Foreign Minister, Luis Videgaray, noted that the relations between Mexico and the U.S. have seen "enormous progress" during the first months of the administration of U.S. President Donald Trump.
His remarks followed a Wednesday night call between Trump and Mexican President Enrique Peña Nieto in which the leaders discussed the renegotiation of the North American Free Trade Agreement (NAFTA).Videgaray said the call, which was initiated by Peña Nieto and lasted about 20 minutes, focused exclusively on the looming talks over NAFTA's "renegotiation and modernization.” He noted that Trump wanted to see the talks accelerated.
"We have generated a respectful dynamic through dialogue ... we've advanced enormously in the correct direction," Videgaray told local broadcaster Televisa in an interview.
He added that the two leaders did not set a date for a summit.
Videgaray struck an optimistic tone despite noting that the U.S. and Mexican governments still had "many well-known public differences."
"I believe that all the conditions to reach a good negotiation exist, that will suit Mexico ... and that is also good for the region, for both Canada and the United States," said Videgaray, who previously served as finance minister.
Trump said earlier on Thursday morning on Twitter that renegotiating NAFTA with neighboring Mexico and Canada was "very possible," but he threatened to scrap the pact if the countries failed to reach a "fair deal for all."
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