The Latest: Mexico "welcomes" Trump plans to revamp NAFTA

Markets Associated Press

The Latest on the Trump administration's plans to renegotiate the North American Free Trade Agreement with Mexico and Canada (all times local):

Continue Reading Below

___

12:25 p.m.

The Mexican government says it "welcomes" the opportunity to renegotiate NAFTA.

In a statement, it says: "We reaffirm our willingness to update the agreement in order to successfully address the challenges of the 21st century. Our countries deserve a modern instrument to regulate our trading and economic relationship."

The Mexican government also says that NAFTA "has been of immense benefit to all parties. We look forward to a constructive process to increase our economic cooperation."

Continue Reading Below

___

12:15 p.m.

U.S. congressional leaders promise to work closely with the Trump administration to renegotiate NAFTA.

"Congress and the administration must work hand-in-hand if we are to achieve the high-standard trade agreements our country needs to grow," says Senate Finance Chairman Orrin Hatch, R-Utah.

"We look forward to working with the administration to strengthen the agreement in a seamless way and ensure that we retain the current benefits for American workers, farmers and businesses," says Texas Republican Rep. Kevin Brady, chairman of the House Ways and Means Committee.

U.S. Trade Rep. Robert Lighthizer sent a letter to congressional leaders Thursday, starting 90 days of consultations with lawmakers over how to revamp the 23-year-old pact. Talks with Canada and Mexico can begin after that. The two-page letter offers few details about what changes the administration would seek. President Donald Trump has called NAFTA a "disaster" that has wiped out American factory jobs.