Canada inks new trade deal with U.S. and Mexico called USMCA

Canada and the United States have finally reached a deal to keep Canada in a free trade pact with the U.S. and Mexico.

The new agreement is 13-months in the making and came to fruition late Sunday night, just hours before an end-of-weekend deadline.

Details remained sparse, but Prime Minister Justin Trudeau shared a small sentiment as he left a late-night cabinet meeting in Ottawa saying, “It’s a good day for Canada.”

The new deal – now called the U.S.-Mexico-Canada Trade Agreement, or USMCA – replaces the 24-year-old NAFTA.

Canadian Foreign Affairs Minister Chrystia Freeland and United States Trade Representative Robert Lighthizer released a joint statement saying they look forward to further deepening their close economic ties.

The statement adds, “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.”

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

According to The Canadian Press, the new deal is said to give U.S. farmers greater access to the Canadian dairy market, but keeps a dispute-resolution process the U.S opposed.

Canada, the United States’ No. 2 trading partner, was left out when the U.S. and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.

U.S. President Donald Trump tweeted earlier Monday saying a “wonderful new trade deal” had been reached with Canada, adding the country into the deal already reached with Mexico. “It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduce Trade Barriers to the U.S. and will bring all three Great Nations closer together in competition with the rest of the world. The USMCA is a historic transaction!”

Congratulations to Mexico and Canada!

— Donald J. Trump (@realDonaldTrump) October 1, 2018