The federal government will begin a process of consultation with the private sector, prior to the negotiation of the North American Free Trade Agreement with the USA, which will continue on a permanent basis.
Speaking to a group of senators at the White House, President Donald Trump called NAFTA "a catastrophe for our country", and said he would like to speed negotiations, if possible.
US President Donald Trump reiterated his intentions of renegotiating North American Free Trade Agreement (NAFTA) with Mexico and Canada. "You know 'F" is for? Trump's remarks arrived a day after the Mexican government announced that the talks would begin in May.
Last month, Trump withdrew the USA from the 12-nation free trade deal Trans Pacific Partnership, and has since stepped up attacks on NAFTA.
Echoing concerns he repeatedly made about NAFTA on the campaign trail, Trump told reporters Thursday that he would like to change or completely replace the agreement with another trade policy.
The Trump administration has also bashed Germany, the EU's most powerful country, accusing Berlin on Tuesday of manipulating the euro to win advantage for its export-driven economy at the expense of the US.
President Donald Trump has vowed to scuttle NAFTA, which also includes Canada, if he can not recast it to benefit U.S. interests, raising the risk of a major economic shock for Mexico. U.S.
Ms Malmström said: "In a time when protectionism is on the rise, like-minded countries must stand up for the idea of global, open cooperation". Trump can pull the USA out of the agreement by invoking Article 2205, which requires six months' written notice to the other parties. The president has met with manufacturers and labor union alike, where he doubled down on hi criticism of NAFTA.
The discussions will begin at the same time that the USA government starts its own consultations, the foreign and economy ministries said in a joint statement said.
"We will make great trade deals and we will have something that will - I don't care if it's a renovation of NAFTA or a brand-new NAFTA".
On Jan. 26, Republican Sen.