(Canadian Press)

Canada signs onto new NAFTA on sidelines of high-stakes G20 summit

The signing of the trade agreement is largely ceremonial, because it will still need to be ratified by all three countries

After much anticipation, Canada signed the revamped NAFTA in Buenos Aires on the sidelines of the high-profile G20 summit Friday.

Prime Minister Justin Trudeau joined U.S. President Donald Trump and outgoing Mexican President Enrique Pena Nieto at a hotel to formally sign the United States-Mexico-Canada Agreement.

“The new agreement lifts the risk of serious economic uncertainty that lingers throughout the trade renegotiation process — uncertainty that would have only gotten worse and more damaging had we not reached a new NAFTA,” Trudeau said.

“There is much more work to do in lowering trade barriers and in fostering growth that benefits everyone, but reaching a new free trade agreement with the United States and Mexico is a major step for our economy.”

READ MORE: World eyes trade tension as Trudeau arrives at high-drama G20 summit

Trump, standing in between his Canadian and Mexican counterparts, said the new deal was a model agreement that would stop auto jobs from going overseas, protect intellectual property rights and provide robust protections for digital trade and financial services.

U.S. tariffs on steel and aluminum remain in place, but a Canadian official said an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles — well above current levels.

Friday marked an important deadline for the trade pact.

A new Mexican president takes over Saturday, who might not honour the tentative deal struck by his predecessor.

The signing of the trade agreement is largely ceremonial, because it will still need to be ratified by all three countries before it can formally take effect.

U.S. lawmakers have already indicated they don’t expect to tackle the USMCA until after the new Congress is sworn in early next year.

The deal — 32 chapters, 11 annexes and 12 side letters — sets new rules for the auto sector, including a higher threshold for North American content and rules requiring 40 per cent of car parts be made by workers paid at least $16 an hour.

It preserves a contentious dispute-resolution system the U.S. dearly wanted gone, extends patent protections for biologic drugs and allows U.S. farmers a 3.6-per-cent share of Canada’s famously guarded market for poultry, eggs and dairy products — a concession that dismayed Canadian dairy producers.

Despite the symbolism of Friday’s signing, Trump has no meetings with Trudeau scheduled while the two are in Argentina.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Invermere gets new CAO

Invermere found his new CAO after a long period of research.

Radium council discusses short term rentals

RHS council are elaborating the second draft plan for STR

Farmers’ Institute report highlights emerging local food scene

Beef cattle ranching remains mainstay of valley agriculture

Beautification process begins in Canal Flats downtown

Canal Flats wants to improve the esthetic of the town

B.C. reports 91 new cases as officials remain worried over ‘clusters of COVID-19

There have now been a total of 8,395 cases in B.C. since the pandemic began

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

First 8 months of fatal overdoses in B.C. have now exceeded 2019 death toll

Nine people died every two days in August, BC Coroners Service data shows

Liberal effort to reset policy agenda panned by rivals as too much talk, not action

Trudeau said it’s ‘all too likely’ families won’t be able to gather for Thanksgiving next month

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Totem pole considered cultural appropriation removed from Nelson’s Hume School

The pole had also become rotted and was seen as dangerous to students

‘Show us the money’ for cannabis, local governments tell B.C.

Municipal tax, transit revenues falling as costs rise

‘It’s a boy’: Southern Resident killer whale calf born to J Pod is healthy, researchers say

J35 had previously done a ‘Tour of Grief,’ carrying her dead calf for 17 days

Most Read