A tripartite agreement to save NAFTA has been reached. The
agreement, reached late last night, provides Congress the necessary
60 days' notice of the text to approve so that President Pena
Nieto of Mexico can sign before he leaves office on November 30th.
All three countries wanted to get a deal done before the change of
government in Mexico to President – Elect Lopez Obrador.
U.S. Trade Representative Robert Lighthizer and Canadian Foreign
Affairs Minister Chrystia Freeland said the accord would be renamed
the U.S.-Mexico-Canada Agreement ("USMCA"). The USMCA
will replace the North American Free Trade Agreement, which dates
to 1994 and covers $1.2 trillion in trade. The revised trade
agreement addresses wide areas of the economy, ranging from patents
and financial services to farming and auto manufacturing.