"The North American Free Trade Agreement is a free trade agreement. Mexico will not agree to tariffs, quotas or free trade curbs, we will stay only if it suits us," Videgaray said.
US President Donald Trump earlier suggested renegotiating the 1994 pact and threatened with US withdrawal if the country did not get a better deal.
US Secretary of State Rex Tillerson and Homeland Security Secretary John Kelly travelled to Mexico last week to discuss trade and cooperation. The Mexican foreign minister later said talks on NAFTA could take up to several months.