The United States and Canada have reached a new free trade deal, along with Mexico, to replace the expiring North American Free Trade Agreement (NAFTA).
Following over a year of negotiations aimed at revamping NAFTA, the US and Canada announced in a statement late Sunday that they finalized the United States-Mexico-Canada Agreement (USMCA).
The USMCA is an updated version of NAFTA and will replace the nearly 25-year-old agreement.
“Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernized trade agreement for the 21st Century: the United States-Mexico-Canada Agreement,” US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said in a joint statement.
The agreement “will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region,” the statement…