PUERTO VALLARTA, Mexico, July 24 (Xinhua) -- Mexico's incoming economy minister has welcomed the imminent restart of negotiations to modernize the North American Free Trade Agreement (NAFTA).

Graciela Marquez, who has been designated by President-elect Andres Manuel Lopez Obrador and will take office on Dec. 1, has said the incoming government is "very eager" to see negotiations resume on July 26 after a weeks-long break in the talks.

"We think that it is a good time to relaunch the negotiations," Marquez told reporters on the sideline of the Pacific Alliance Summit here on Tuesday.

Negotiating teams from NAFTA members Mexico, Canada and the United States kicked off talks last August, but missed a May deadline to deliver an "agreement in principle," leading them to temporarily suspend the meetings.

The three parties are set to meet again on Thursday in Washington.

"We have expressed our belief in integration and free trade during the (presidential) campaign," said Marquez, who is expected to take part in the talks along with other members of Lopez Obrador's transition team.

Signed in 1994, the trade agreement is being renegotiated over demands made by U.S. President Donald Trump, who believes it benefits Mexico and Canada at the expense of U.S. industries and jobs.

But Mexico and Canada have balked at U.S. demands for major changes to key regulations, including using more U.S.-made parts in cars manufactured in North America instead of foreign-made ones.

Mexico's incumbent Economy Minister and chief negotiator Ildefonso Guajardo will meet later this week with his Canadian and U.S. counterparts, Canadian Foreign Affairs Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer.

Freeland is also expected to meet with Mexican President Enrique Pena Nieto and his successor in Mexico City on Wednesday. Enditem