Mexican Foreign Minister Luis Videgaray (Photo: thestar.com)

Videgaray said he, US Trade Representative Robert Lighthizer, and US Commerce Secretary Wilbur Ross agreed to continue with a "serious" renegotiation process. The second round of NAFTA talks is scheduled to be held in Mexico from Friday to next Tuesday.

A clause in NAFTA allows any of the three countries to withdraw from the deal after giving 180 days notice. Some experts in the US argue that Trump would not be legally allowed to leave NAFTA without the approval of Congress.