14:54 GMT27 September 2020
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    TORONTO (Sputnik) - The US-Mexico-Canada (USMCA) trade agreement has passed the Canadian Senate after passing the third reading in the House of Commons earlier, Deputy Prime Minister Chrystia Freeland said on Friday.

    "The new [agreement] was today ratified by the House of Commons. It has just been ratified by the Senate. And we expect that it will receive royal assent today", Freeland said.

    On 11 March, US President Donald Trump signed the USMCA to replace the 1994 North American Free Trade Agreement (NAFTA) between the three countries. The new deal has already been approved by the Mexican parliament and signed by US President Donald Trump into law.

    Trump thanked select members of Congress for their work on the trade agreement and said the USMCA has the potential to create nearly 600,000 jobs and generate up to $235 billion in economic activity.

    The new trade agreement was signed in November 2018, following two years of negotiation between the three nations, but has gone through significant modifications following the introduction of several amendments. The USMCA came into being as a result of US President Trump demanding to renegotiate the NAFTA, a pact signed in 1993 that the president had repeatedly called a "disaster" for the United States.

    Tags:
    ratification, trade deal, United States-Mexico-Canada Agreement (USMCA), Senate, Canada
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