Canada, US reached NAFTA deal
International

Canada, US reached NAFTA deal

Ottawa, Oct 1: Canada and United States have reached a last minute deal to restore the North American Free Trade Agreement (NAFTA), late on Sunday night. The deal came after distressed talks to try and preserve the trade agreement that has stitched together the economies of Mexico, Canada and the United States.

A midnight deadline was beat with agreements to boost US access to Canada’s dairy market and protect Canada from possible US autos tariffs, Global News said, quoting two Canadian sources.

Reports say that Canada has made concessions on dairy market access that are slightly higher than under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The deal represents a win for President Trump, who has derided NAFTA for years and threatened to pull the United States from the pact, if it was not rewritten in America’s favor.

The Trump administration struck a deal with Mexico last month to rewrite NAFTA to agree to concessions like opening its dairy market to United States farmers.

Reports say that Canada has made concessions on dairy market access that are slightly higher than under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Foreign Affairs Minister Chrystia Freeland cancelled a planned talk at the UN General Assembly for Monday, a spokesperson said, and has been in Ottawa since early Sunday working on the deal as the pressure mounted, Global News added. Negotiators from the three countries began talks about updating NAFTA more than a year ago. Trump had campaigned on ripping up the trade pact, calling it "the worst deal maybe ever signed." (UNI)