The renegotiation of the North American Free Trade Agreement (NAFTA) could be concluded in August, said Gustavo De Hoyos, president of the Mexican Employers Confederation, on Wednesday.

The negotiating teams from Canada, the United States and Mexico are "more revved up" and ready to wrap up the talks that began almost a year ago, De Hoyos told reporters on the sidelines of an official event.

"Technically, with political will, the deal could be closed this month," said De Hoyos, an adviser to the Mexican negotiating delegation.

Mexico's ministers of foreign affairs, Luis Videgaray, and economy, Ildefonso Guajardo, traveled to Washington on Wednesday, where talks will resume on Thursday.

"I believe there will be a trilateral agreement," De Hoyos said. "There is reasonable optimism that the negotiations are moving forward."

NAFTA talks began in August last year. U.S. President Donald Trump has criticized the 1994 agreement, saying it unfairly benefits Mexico at the expense of U.S. industry, and threatened to withdraw from the trade deal unless U.S. demands are met.