
Canada, the U.S. and Mexico signed the new North American trade agreement on Friday, November 30, on the sidelines of the Group OF G20 summit in Buenos Aires. The new agreement, officially known as the U.S.-Mexico-Canada Agreement (USMCA), still needs to be ratified by legislators in all three countries before it can formally take effect.
The three agreed on a deal in principle to replace the North American Free Trade Agreement (NAFTA), which governs more than $1.2 trillion of mutual trade, after acrimonious negotiations concluded on September 30.
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“This new agreement will ensure a future of prosperity and innovation for Mexico, Canada, and the United States,” Donald Trump said.
Canada’s Prime Minister Justin Trudeau said the new deal “lifts the risk of serious economic uncertainty that lingers throughout the trade renegotiation process — uncertainty that would have only gotten worse and more damaging had we not reached a new NAFTA."
"There is much more work to do in lowering trade barriers and in fostering growth that benefits everyone, but reaching a new free trade agreement with the United States and Mexico is a major step for our economy."
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