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New treaty to replace NAFTA:

US & Canada reach trilateral trade pact with Mexico

The US and Canada have reached a new trilateral trade deal with Mexico that will create a revamped NAFTA. Canada risked being left out of a deal reached in August between the US and Mexico.

The United States and Canada reached an eleventh-hour deal on Sunday to replace the North American Free Trade Agreement (NAFTA) and maintain a trilateral trade bloc with Mexico.

The agreement was announced just before a Sunday midnight deadline imposed by Washington and a rare, late-night emergency Cabinet meeting convened by Canadian Prime Minister Justin Trudeau to discuss the deal.

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.

Source: dw.com/en


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