Mexico's government is confident a new North American Free Trade Agreement (NAFTA) between Canada, the U.S. and Mexico will be reached by December, Presidential Spokesman Eduardo Sanchez said on Sunday.

The government of President Enrique Pena Nieto is hoping to sign an updated version of the 1994 trade accord before his six-year term ends on Nov. 30, Sanchez told reporters.

"We're working on it. Hopefully this government will get to sign it," Sanchez said on the sidelines of Mexico's Independence Day parade.

On Aug. 27, Mexico and the U.S. reached an agreement in principle on a revamped deal, but to preserve the three-way agreement, those changes also require Canada's approval.

After U.S. President Donald Trump took office, he insisted the deal be renegotiated to secure more favorable terms for U.S. industry and workers, saying his administration could pursue bilateral agreements with its two regional trade partners if a trilateral deal is not successful.

Sanchez denied rumors Pena Nieto and Trump are to meet over NAFTA next week in New York during the annual United Nations General Assembly sessions.

Pena Nieto's successor, Andres Manuel Lopez Obrador, who takes office on Dec. 1, has said he is in favor of NAFTA and his advisers have been taking part in the negotiations.