The Honourable Chrystia Freeland, Minister of Foreign Affairs, welcomed the signing of a new agreement to modernize the North American Free Trade Agreement between Canada, the United States and Mexico. The new agreement will support good, middle class jobs in Canada; strengthen economic ties between the three countries; and contribute to North America’s global competitiveness.
The modernized agreement preserves Canada’s preferential access to the U.S. and Mexican markets, ensuring that the vast majority of trilateral trade remains duty-free—something that is vital to the continuing prosperity of Canadians. The agreement includes an exemption for a significant quantity of Canadian automobiles and auto parts from potential future U.S. 232 tariff measures. In addition, Canada succeeded in preserving key elements of the original NAFTA, including the cultural exemption and the use of binational panels to resolve disputes on duties.
Canada maintained a constructive approach throughout these negotiations to modernize NAFTA. Canada’s objectives remained clear: defend Canadians’ interests, fight for Canadian jobs and living standards, and uphold Canadian values within an agreement that is mutually beneficial for all three countries.
Canada, the United States and Mexico will now move forward with their respective domestic procedures toward the ratification and implementation of the new trade agreement.
Source : Government of Canada