Mexico, the United States and Canada may wrap up renegotiations on the North American Free Trade Agreement (NAFTA) by the end of the week, a Mexican business leader said Tuesday.

The United States and Mexico on Monday reached a trade agreement that would pave the way for overhauling NAFTA. Canada's negotiation team was in Washington on Tuesday to review the points agreed upon by Mexico and the United States.

The bulk of the agreement already has Canada's approval and all that is left is reviewing sensitive issues that have been preliminarily negotiated, said Gustavo de Hoyos, president of the Mexican Employers' Association (Coparmex) in a press conference in Mexico City.

"There is a good possibility we'll have things finalized between now and Friday," said de Hoyos, who is one of the advisors appointed by the Mexican government.

Talks on renegotiating NAFTA began in August 2017 as Trump threatened to withdraw from the trilateral trade deal, which he claimed harmed U.S. industries and jobs.

U.S. Trade Representative Robert Lighthizer said on Monday that he expected to send a notice to Congress on Friday, with a possibility of the agreement being signed by the end of November after the mid-term elections scheduled for Nov. 6.