hero image

U.S. and Canada have reached on a deal in order to replace existing NAFTA deal between the two countries as reported by an administrator of the States.

The deal is going to be signed between the three countries namely Mexico, Canada, and the United States around the November-end and then, proposed to Congress.

The new deal is considered as the United States-Mexico-Canada-Agreement (USMCA) instead of the North American Free Trade Agreement (NAFTA) and the official text would be accessible by concerned parties within a few hours of this agreement.

Canada agreed to offer access to dairy products of the United States and agreed effectively on capping automobile products send to the United States.

The administration official also made the statement that this new deal will re-balance relationships with Canada and Mexico as due to new regulations involving automobile and dairy sector.

The deal has modernized NAFTA by putting in provisions on intellectual property and digital trade. It is considered to be the most enforceable agreement in terms of trade that the States ever had.

The official also pointed out that it is going to make the economy of the United States better and even stronger. This deal is going to transform the lives of many people, he also added.

The deal is going to be reviewed after a period of six years, which will be leveraged on the States’ part. This step is going to make sure that the deal is moving on as per likings or as arranged between the two countries.

Earlier, the U.S had reached a deal with Mexico in the August-end where Canada had no part. After that, Canada joined and now, the States and Canada have also agreed on a deal called as USMCA to revamp NAFTA.