NEW DELHI: The US, Canada and Mexico have agreed to an updated version of the North America Free Trade Agreement following a year of agonizing negotiations, which was announced in late August by the United States and Mexico, media reported on Monday citing sources familiar with the negotiations.
The “new, modernized trade agreement” will replace the 1994 NAFTA trade bloc and be known as the US-Mexico-Canada agreement (USMCA), according to a joint statement issued by US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland. The new agreement is expected to be signed by the leaders of the three countries in 60 days.
Canadian Prime Minister Justin Trudeau also expressed satisfaction with the agreement as he left an emergency Cabinet meeting in Ottawa. It’s a good day for Canada,’ Trudeau told reporters. Besides, Canada would allow US increased access to its highly protected dairy market, in a similar fashion as it did with the EU and Pacific Nations.