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Mexico Prepared to 'Modernize' NAFTA, Economy Minister Says


Ildefonso Guajardo, Mexico's economy minister, addresses the Detroit Economic Club in Detroit, Michigan, March 3, 2017.

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

Guajardo said Mexico was prepared to discuss with the Trump administration and Canada such revisions to NAFTA as including labor and environmental standards. Mexico "is willing to modernize NAFTA," he said.

However, Guajardo said Mexico would not accept tariffs.

U.S. President Donald Trump has called for new border taxes on Mexican-made goods. Guajardo said, however, that "it makes no sense to introduce an agreement with border restrictions or tariffs."

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