A new trade agreement between Canada, the United States, and Mexico is a step closer to reality.
At a ceremony held Tuesday in Mexico City, representatives from the three countries signed a revised version of what has commonly been known as "NAFTA 2.0", or more formally, the United States-Mexico-Canada Agreement (USMCA).
Deputy Prime Minister Chrystia Freeland represented Canada at the signing, saying that significant challenges were overcome to reach a deal.
“This has been a long, arduous and, at times, fraught negotiation. We made it to the finish line because we learned how to work together,” Freeland said, as reported by the Financial Post.
In the United States, Republicans have hailed the new agreement as a major policy victory for President Donald Trump. The U.S. was represented at the negotiations by trade representative Robert Lighthizer.
"After working with Republicans, Democrats, and many other stakeholders for the past two years, we have created a deal that will benefit American workers, farmers, and ranchers for years to come," said Lighthizer via Global. "This will be the model for American trade deals going forward."
Mexico credited a second set of negotiations regarding concerns raised by Americans over labour rights with bringing the new agreement to fruition. The overhaul, passed by the Mexican government, makes it easier for Mexican workers to unionize and negotiate for higher wages and benefits.
The U.S. House of Representatives is expected to vote to ratify the agreement before it breaks for the holidays, with the U.S. Senate to follow suit in the new year. The Canadian Parliament will likely hold its vote around that time.