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04 October 2018, 07:43 | Joann Bryant
Canada-US reach deal to reform NAFTA
As a result, the USA will be able to export more dairy products to Canada at the equivalent of 3.6% of the Canadian market.
Canada and the United States have agreed a basis for the revised North American Free Trade Agreement (NAFTA), reaching a compromise in late-night talks on Sunday after months of stand-off. The Trump administration set a September 30 deadline for Canada to join the agreement, or tariffs would be placed on vehicles exported to the U.S.
"USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region", the joint statementsaid.
The agreement will still have to pass a vote in Congress, as well as be approved by the Canadian and Mexican governments. US dairy groups said the Class 7 system was created to shut off its shipments of ultra-filtered milk to Canadian processors.
O'Connor said the US needs an incentive for individual farmers not to overproduce, much like Canada's quota system.
More details regarding the agreement between the US, Canada and Mexico are expected to be revealed when the White House makes a formal announcement, which will likely occur in the next few hours. "And this agreement appears to have some positive things in it", said Jim Holte, president of the Wisconsin Farm Bureau Federation.
He said the new deal was "much more reciprocal" than Nafta, which he blamed for the loss of one in four jobs in the auto industry and 4.1 million manufacturing jobs.
Morneau told members of the Vancouver business community that the United States-Mexico-Canada Agreement means Canada is now the only country to have deals with all its G7 partners but will continue its efforts to diversify trade around the world, including with China.
The deal comes after a week of intense negotiations between U.S. and Canadian officials working under a self-imposed deadline of Sunday night.
Under the new trade agreement, the U.S. will also have increased access to Canada's dairy market, and the latter has also eliminated two major quota and pricing systems limiting trade. Canada also agreed to open up some of its dairy market to United States producers.
Canadian Prime Minister Justin Trudeau said his country was in a more stable place now that it had completed the negotiations.
This was with the objective of keeping the production of auto parts in the United States and help bring back some that had moved overseas.
USA business groups oppose turning NAFTA into a bilateral deal because the three nations' economies have become closely intertwined since the original pact came into force in 1994.
But it is indeed a new kind of agreement, not just NAFTA 2.0, according to Ohio State University Economist Ned Hill.
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