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In response to a U.S. official's comment that the demise of NAFTA would be devastating for Mexico, the North American country's economy minister has refuted such claims saying that Mexico would be able to adjust accordingly should the trading agreement come to an end.

When asked whether he agreed with the U.S. Commerce Secretary Wilbur Ross' opinion, Ildefonso Guajardo was keen to disagree.

"No, I don't think so," Ildefonso Guajardo said in a television interview when asked if he agreed with Ross.

"Without a doubt, Mexico could face a short-term impact because the market is very sensitive to marketing, branding ... Our ability to adjust, and the manner in which we do it, is what will allow us to resist any potential change."

During an interview with The Wall Street Journal CEO Council on Tuesday, Ross said that it "would be devastating to the Mexican economy" if the United States were to pull out of NAFTA.