Sunday, January 17, 2021

US, Canada, Mexico Agree On Tripartite Trade Agreement

The United States, Canada and Mexico agreed on the terms of the tripartite trade agreement that would replace the North American Free Trade Agreement (NAFTA). The negotiations of the NAFTA agreement was demanded by US President Donald Trump.  

The agreement on the North American Free Trade Area (NAFTA) operated between Canada, the United States and Mexico since 1994. Trump, having assumed the post of president, promised to revise the agreement, because, he believed that the agreement was unprofitable for the US.

The new treaty “will provide for the emergence of more free markets, more equitable trade and sustained economic growth in the region,” says a joint statement by the head of the Canadian Foreign Ministry, Chrystia Freeland, and US negotiator Robert Lighthizer.

The deadline for concluding an agreement with Canada expired on Sunday, and in case of a breakdown of negotiations, Trump threatened to impose duties on Canadian cars.

Reuters, referring to its sources, reports that Canada at the last moment agreed to give American farmers 3.5% of its dairy market. At the same time, Ottawa was able to provide some protection measures for its automotive industry.

“This is a good day for Canada,” Prime Minister Justin Trudeau told reporters after a night session of the Cabinet. Reuters, citing a source in the US government, said that the trilateral agreement will be signed at the end of November, after which it will be submitted for approval by the US Congress.

More News at EurAsian Times

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