Pence said he was "very hopeful" that Mexico, Canada and the US were close to an agreement on the negotiated trade pact.
Pence told reporters its was possible that a deal would be reached in the next several weeks.
"The goal of this meeting is not only to address the issue of NAFTA, but also to talk about the bilateral relationship, which should continue to be based on cooperation and mutual respect", Pena Nieto said.
The meeting with Pence was announced on Friday and follows Trump's push to deploy National Guard troops to the U.S. -Mexico border to fight illegal immigration and drug smuggling.
This comes two months after an attempt to schedule a meeting in Washington between Pena Nieto and the U.S. president was called off due to Trump's harsh rhetoric regarding NAFTA and immigration.
While the crisis in Syria was front and centre, Trudeau and Pence also expressed optimism about the state of NAFTA negotiations, the results of which will have dramatic ramifications for the USA and Canada.
Trump and Pena Nieto have yet to meet in person since Trump became president a year ago.
With U.S. mid-term congressional elections also pending in November, Trudeau said Canada would defer to Mexico and the United States on a timeline.
U.S. Vice President Mike Pence is praising Peru's "strong stand" on the "tyranny and humanitarian crisis" in Venezuela.
"Last night, the aim of the mission of this (our) commander-in-chief handed our military forces was utterly attained, with accelerated professionalism", Pence claimed in a reaction to reporters' inquiries about whether Trump reluctantly reevaluate the mission's no effect. The U.S. led a missile strike in Syria earlier Saturday.
He says President Donald Trump is sending his regrets that he couldn't attend the summit. He was sworn in after Peru's congress voted to accept the resignation of President Pedro Pablo Kuczynski after a corruption scandal.
For his part, Pence thanked Canada for backing the strikes and echoed Trump, British Prime Minister Theresa May and French President Emmanuel Macron in saying Syria's chemical-weapons facilities had been "degraded and crippled".
Vice President Mike Pence on Saturday called USA led airstrikes on Syria a completely accomplished mission while in Peru to renegotiate the NAFTA trade pact.
There had been hopes leading up to this weekend's summit that an agreement might be signed, but that did not happen and instead, USA negotiators softened their demands on autos even as Trump said he will to renegotiate "forever".