22:39 GMT30 October 2020
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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.

    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.

    Related:

    McCain Fears Fallout From Trump Plan to Alter NAFTA Deal With Canada, Mexico
    Trump on Trade: Tear Up TPP, Renegotiate NAFTA
    Changing NAFTA Provisions May Result in Mexico’s Withdrawal From Deal
    Trump's Start: US to Withdraw From TPP, Renegotiate NAFTA Deal
    Tags:
    global trade, NAFTA, World Trade Organization (WTO), Ildefonso Guajardo, US, Mexico
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