11:43 GMT04 August 2020
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    The new deal is supposed to replace the North American Free Trade Agreement (NAFTA), but has not yet been ratified by all the parliaments, The agreement has undergone significant modifications via the introduction of several amendments since it was originally signed.

    US President Donald Trump will sign the US-Mexico-Canada trade deal (USMCA) on 29 January, Reuters reported citing a White House official.

    The new trade deal was signed back in November 2018 but has gone through significant changes since then. The refurbished deal, signed in December 2019, introduced revised rules for access to the domestic markets of the three countries, tariffs, and some norms of labour legislation, such as minimum wage limits.

    Prior to that, Washington also removed one of the obstacles for the USMCA's ratification by lifting the harsh tariffs on steel and aluminium from Mexico and Canada on 17 May 2019.

    The work on revising the provisions of the NAFTA began in 2017 and was marked by a number of conflicts, including concerns over the introduction of US duties on Mexico.

    The rewritten trade agreement is now set to be ratified by the legislative bodies of the three countries.

    Tags:
    parliaments, labor, market, tariffs, trade deal, Canada, Mexico, United States
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