A new framework for the North American Free Trade Agreement (NAFTA) has been reached.
Officials with the governments of Canada, the U.S., and Mexico made the announcement late Sunday night.
Tonight, Canada and the United States reached an agreement, alongside Mexico, on a new and modern trade agreement, called the United States-Mexico-Canada Agreement (#USMCA). Read the statement: https://t.co/vF8SFu50ao
— Chrystia Freeland (@cafreeland) October 1, 2018
“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 United States Trade Representative Robert Lighthizer and Canadian Foreign Affairs 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. 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."
The two neighbours had been working to hammer out a new deal before a Monday deadline. The U.S. and Mexico had already reached a deal.
The developments on NAFTA prompted Prime Minister Justin Trudeau to hold a rare Sunday night cabinet meeting on Parliament Hill in Ottawa. Any agreement requires the approval of both Trudeau and U.S. President Donald Trump.
This is a developing story. More details will be passed along as they become available.
