Canada and the United States announced on Sunday (30.9.2018) that together with Mexico they have reached a "new and modernized" agreement on the North American Free Trade Agreement (NAFTA).
«Today, Canada and the United States reached an agreement, along with Mexico, on a new modernized trade agreement for the 21st century: the United States-Mexico-Canada Agreement (USMCA).", said one joint declaration U.S. Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland.
"USMCA 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 document added.
Further, "will strengthen the middle class and create good, well-paying jobs and new opportunities for nearly 500 million people who call North America home."the statement said.
"We look forward to deepening our economic ties when this new agreement comes into effect," he added.
USMCA will replace the 24-year-old NAFTA.
Talks on renegotiating NAFTA began in August 2017 when US President Donald Trump threatened to withdraw from the agreement, arguing that it would harm US industries and jobs.
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