ZCZC
BCN-25
CANADA-US-MEXICO-TRADE-DEAL
Canada confirm they have reached deal with Mexico to replace NAFTA
OTTAWA/WASHINGTON, Oct. 1, 2018 (BSS/Xinhua) – Canada and the United
States announced Sunday night that they and Mexico have reached a “new,
modernized” North American free trade 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 (USMCA),” said a joint statement from 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,” added the document.
“It will strengthen the middle class, and create good, well-paying jobs
and new opportunities for the nearly half billion people who call North
America home,” said the statement.
“We look forward to further deepening our close economic ties when this
new agreement enters into force,” it added.
The USMCA will replace the 24-year-old North American Free Trade
Agreement, or NAFTA.
Talks on renegotiating the NAFTA began in August 2017 as U.S. President
Donald Trump threatened to withdraw from it claiming it harmed U.S.
industries and jobs.
The United States has pressured Canada to accept the preliminary agreement
it struck with Mexico last month.
The statement came after U.S. and Canadian negotiators made the final push
this weekend to reach an agreement before a midnight Sunday deadline.
BSS/XINHUA/HR/1400