President Donald Trump has continued his negative tone on NAFTA despite more hopeful developments in the talks.
Those involved in the year-long negotiations are holding out for a trilateral agreement with Mexico poised to join the talks soon.
Flavio Volpe, president of Canada’s Automotive Parts Manufacturer’s Association, said: “We are materially close to an agreement in principle, perhaps as early as tomorrow, end of day.
“The mood is cooperative and it’s positive.”
Mr Volpe also consults with the Canadian negotiators.
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Initial talks were also underway with Ildefonso Guajardo, the economy minister for Mexico, as it was anticipated they would continue late into Thursday with US and Canadian representatives.
Negotiations intensified at the start of the week when an agreement was struck between the US and Mexico despite strong language aimed at the Central American country by President Trump.
The deal practically pushed Canada to come back into the fold and start talks to revamp the 24-year-old agreement.
NAFTA is a trade deal that is worth over $1trillion (£768.38billion) in annual trade.
Current progress in talks indicates an agreement would see an increase in costs for those who want to import large vehicle parts from outside the region, strengthening manufacturing in North America.
If agreed, this would see a less favourable approach to China.
Donald Trump set the deadline of Friday, allowing enough time for the agreement to be signed by Mexico’s change of President in November.
Trump has warned Canada if it does not agree a deal then the US may pursue a deal by itself with Mexico.
He also wants dairy tariffs imposed as part of the current deal lifted.
In the new NAFTA deal, the up to 300 percent tariffs would be removed.
He argued these have a big impact on US farmers who are often strong supporters of the Republican Party.
But the change will not please Canadian farmers, who have a big influence on their country’s policy.