(UTV|COLOMBO) – The United Sates (US) and Canada have reached a deal to reform the North American Free Trade Agreement (NAFTA) after last minute negotiations.
The deal is said to involve more US access to Canada’s dairy market and a cap on Canada’s car exports to the US.
NAFTA governs more than USD 1 trillion in trade between the two and Mexico.
Mexico and the US have already agreed new terms, and only recently it looked as if Canada could be excluded in a final agreement.
“Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernised trade agreement for the 21st Century: the United States-Mexico-Canada Agreement,” US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said in a joint statement.
The agreement “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.”
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