Mexico is willing to discuss the North American Free Trade Agreement (Nafta) with U.S. President-elect Donald Trump, the government says, according to BBC News.

Economy Minister Ildefonso Guajardo said Mexico would try to explain the "strategic importance" of the deal for the region to Trump, who has heavily criticised it.

Canadian Prime Minister Justin Trudeau also said he was open to talks.

Nafta came into effect between the three countries in 1994.

Trump has called it the worst trade deal the U.S. has ever signed.

His strong protectionist sentiments on the campaign trail helped to win support in areas that were formerly manufacturing centres. The Republican has pledged to bring back U.S. jobs lost to globalisation.

Mexico and Canada fear losing access to the U.S. market, on which they heavily depend.

The Mexican peso hit a record low following Donald Trump's unexpected election victory and fell again on Thursday, November 10 after recovering slightly.