ECONOMY

Revamped NAFTA: Canada, US and Mexico reach new trade deal

It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster. (File photo: AP)

Canada is back in a revamped North American free trade deal with the United States and Mexico after weeks of bitter, high-pressure negotiations that brushed up against a midnight deadline.

In a joint statement, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland say the agreement "will strengthen the middle class, and create good, well-paying jobs and new opportunities..."

The new deal, reached just before a midnight deadline imposed by the US, will be called the United States-Mexico-Canada Agreement (USMCA).

It replaces the 24-year-old North American Free Trade Agreement, which President Donald Trump had called a job-killing disaster.

The rewrite "will result in freer markets, fairer trade and robust economic growth in our region," according to the statement from US Trade Representative Robert Lighthizer and Canada's Foreign Affairs Minister Chrystia Freeland.
 

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Last Update: Monday, 1 October 2018 KSA 10:41 - GMT 07:41
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