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Economy

Canada takes a first step towards ratifying trade deal with US, Mexico

Updated : May 28, 2019 06:33 AM IST

Foreign Minister Chrystia Freeland presented what is known as a “ways and means motion” to the House of Commons, which opens the way for the formal presentation of a bill.
The deal known as the USMCA, which would replace the 25-year-old North American Free Trade Agreement, has yet to be approved by legislatures of the three participating countries - Canada, Mexico, and the United States.
The United States is Canada’s top trading partner, taking in 75 percent of its goods exports. Reaching a new trade deal had been a priority for Trudeau’s Liberal government, and a national election is five months away.
Canada takes a first step towards ratifying trade deal with US, Mexico
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