Mexico to be respected during NAFTA renegotiation: industry leader

Mexico has the legal and strategic tools to be respected in any possible renegotiation of NAFTA, said Manuel Herrera, president of the Confederation of Chambers of Industry (Concamin) on Tuesday.

Speaking at a press conference, Herrera said Mexico could never renegotiate the free-trade agreement (FTA), established in 1994 with the U.S. and Canada, if the limits of the law were not respected.

"Mexico has all the legal and strategic elements so that any negotiation of the FTA guarantees equality at all times, guarantees a level playing field for Mexico, guarantees respect and dignity for Mexicans," he explained.

Since beginning his campaign, Trump has said he would seek a revision of NAFTA and has alleged it allows U.S. companies to move plants to Mexico, costing American workers their jobs. In response, he has threatened to slap high tariffs on imports from Mexico, such as cars.

Speaking to the Senate on Tuesday, Mexican Foreign Minister Luis Videgaray said that Mexico would not accept any tariffs or quotas from the U.S.

Videgaray added that Mexico would diversify its economic relations to the world, including by seeking a commercial agreement with South Korea and to boost exports to China.

Herrera admitted that Mexico is facing a difficult economic outlook, especially given uncertainty for the future of its commercial ties to the U.S., the destination of around 80 percent of Mexican exports.

However, he said that Concamin members estimated the Mexican economy would grow between 1.3-1.8 percent in 2017 and that inflation would stand at around 4.8 percent. Enditem