Monday, 1 October 2018

US and Canada reach new trade deal to replace Nafta

The US and Canada have reached a new trade deal, along with Mexico, to replace the current North American Free Trade Agreement (Nafta).

The United States-Mexico-Canada Agreement (USMCA) gives the US greater access to Canada's dairy market and allows extra imports of Canadian cars.

The deal has 34 chapters and governs more than $1tn (£767bn) in trade.

US President Donald Trump, who has long sought to change Nafta, said the new deal was "wonderful".

Until recently it looked as if Canada could be excluded from a final trade agreement to replace Nafta which has been in place since 1994.
The new USMCA is intended to last 16 years and be reviewed every six years.

Following the agreement, Mr Trump tweeted that USMCA was a "great deal" for all three countries and solves the "deficiencies and mistakes" in Nafta.

BBC       News.

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