President Enrique Pena Nieto and German Chancellor Angela Merkel on Sunday opened the annual Hannover Messe fair, where Mexico is this year’s guest country.
Both welcomed a preliminary agreement reached Saturday between the European Union and Mexico to update their nearly 20-year-old trade deal.
Mexico faces a challenge with the United States and Canada in overhauling NAFTA. About three-quarters of Mexico’s exports go to the U.S.; roughly half its imports come from there.
Pena Nieto said: “We have optimism, as well, that we’re going to be concluding the renegotiation (and) modernization of the North American Free Trade Agreement … ensuring benefits for all its partners.”