Chrystia Freeland, Canada's minister of foreign affairs speaks with Luis Videgaray, Mexico's minister of foreign affairs during the Canadian Council for the America's New Strategies for a New North America conference in Toronto, Canada, on Feb. 21, 2017.
Cole Burston—Bloomberg / Getty Images

Formal talks between all three member nations should begin later this year.

By Reuters
May 18, 2017

Canadian Foreign Minister Chrystia Freeland said on Wednesday she would travel to Mexico next week to discuss renegotiating the North American Free Trade Agreement, which U.S. President Donald Trump says needs major changes.

Freeland also told parliament that Canada wanted all three member nations to be at the table for the formal talks, which she indicated should start later this year.

Canada and Mexico both send the majority of their exports to the United States and could be badly hurt if Trump goes ahead with a threat to rip up the pact unless it is reformed.

Freeland said she was in very close contact with Mexican Economy Minister Ildefonso Guajardo and Foreign Minister Luis Videgaray, who are leading the NAFTA file.

“Next week I am traveling to Mexico to meet with my counterparts there,” she said.

For more on NATA, watch Fortune’s video:

Several members of the U.S. Senate Finance Committee said Commerce Secretary Wilbur Ross and new U.S. Trade Representative Robert Lighthizer told them on Tuesday they would prefer the current three-nation format but left open the possibility of parallel bilateral agreements with Canada and Mexico.

Freeland told legislators that “our mindset is very much a trilateral deal—all three parties must be at the table.”

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