Mexico minister: 40 percent chance of NAFTA deal before July election

MEXICO CITY (Reuters) - Mexican Economy Minister Ildefonso Guajardo said on Friday he saw a 40-percent chance of concluding the renegotiation of the North American Free Trade Agreement (NAFTA) before Mexico’s presidential election on July 1.

FILE PHOTO: Mexico's Economy Minister Ildefonso Guajardo speaks to the media during a news conference at Los Pinos presidential residence in Mexico City, Mexico May 1, 2018. REUTERS/Henry Romero

“I think there’s a 40 percent probability of being able to conclude it before,” he told Mexican television. “After July 1 and before the U.S. (mid-term) elections (in November), I would place the probability at another 40 percent.”

That meant there was about an 80 percent chance of being able to conclude the deal before the U.S. mid-terms, he said.

For a deal to be reached between Mexico, the United States and Canada on reworking the 24-year-old trade accord, U.S. negotiators would need to show flexibility, he said.

Reporting by Dave Graham; Editing by Nick Zieminski