After months of negotiation, the three countries have reached a 'new and modernized trade agreement', which will be renamed the United States-Mexico-Canada Agreement (USMCA).
Canada and the United States (US) have announced on Monday a new trilateral trade agreement with Mexico after months of negotiations that will replace the North American Free Trade Agreement (NAFTA).
"Today, Canada and the United States reached an agreement, together with Mexico, on a new and modernized commercial agreement for the 21st century: the United States-Mexico-Canada agreement (USMCA)," they said in a statement. together the US Trade Representative Robert Lighthizer and the Canadian Foreign Minister, Chrystia Freeland.
The agreement aims to preserve a mechanism for settlement of commercial disputes at the request of Canada, which will allow access to US dairy producers to about 3.5% of its market, as sources close to the matter have explained.
According to CNN, the new agreement is expected to be signed by US President Donald Trump, as well as his Mexican and Canadian counterparts in November. Subsequently, the United States Congress will have 60 days to review and approve it.
The Prime Minister of Canada, Justin Trudeau, has expressed on his Twitter account that this is a "good night for Canada" after meeting with his Cabinet.