Potential NAFTA Revision by US May Heavily Impact World Trade - Mexican Minister

© AP Photo / Ivan Pierre AguirreIn this Friday, Dec. 27, 2013 photo, workers at one of maquiladoras of the TECMA group prepare to raise the U.S. flag along with the Mexican and TECMA flags in Ciudad Juarez, Mexico
In this Friday, Dec. 27, 2013 photo, workers at one of maquiladoras of the TECMA group prepare to raise the U.S. flag along with the Mexican and TECMA flags in Ciudad Juarez, Mexico - Sputnik International
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The potential revision or dissolution of the North American Free Trade Agreement (NAFTA) and Washington's possible noncompliance with World Trade Organization (WTO) rules could spell trouble for the global free trade, Ildefonso Guajardo, Mexico’s economy minister, told the Financial Times newspaper on Sunday.

MOSCOW (Sputnik) — On Thursday, US President Donald Trump said that NAFTA, an agreement between the United States, Canada and Mexico, was "a catastrophe" for the United States and added he would like to either renegotiate the deal or create a new one to make the conditions fair to the US citizens.

"I hope the world understands that what happens… [with the North American Free Trade Agreement] is going to be very telling for the rest of the world… From public statements, the US is not very pleased with multilateralism," Guajardo was quoted as saying.

Guajardo reportedly added that Mexico considered its WTO membership "a safety net" but expressed concern that the United States may not respect WTO regulations.

Coat of arms of North American Free Trade Agreement - Sputnik International
Mexico Begins Consultations to Set Parameters for Renegotiation of NAFTA
On Saturday, Guajardo said that Mexico launched free trade negotiations with Australia, Brunei, Malaysia, New Zealand, Singapore and Vietnam following the US withdrawal from the Trans-Pacific Partnership (TPP) free trade treaty.

On Wednesday, Mexican President Enrique Pena Nieto said that he would begin NAFTA negotiations in May after a three-month period for talks with Mexican businesses.

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