(Canadian Press)

(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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dogs big and small on the patio at Witchcraft Beer Market and Bistro. (City of Maple Ridge/Youtube)
VIDEO: Businesses embrace new Dog Friendly Maple Ridge pilot project

Pets can come onto a patio at a restaurant or enter participating retail spaces

A photo submitted to municipal staff on April 6 showing a beaver dam southwest of Chester Street. The drainage issues on the south side of the highway are the responsibility of CP Rail, as they own the property. Photo courtesy of the District of Mission.
Delegation of Silverdale farmers say land continually floods along Lougheed Highway

Beaver dams, siltation, fallen trees, bad ditching is sinking crops next to recently widened highway

Photo collage of loved ones lost to substance use and overdose. (Photo courtesy Moms Stop The Harm)
B.C. overdose deaths still rising five years after public health emergency declared

Moms Stop the Harm calls on B.C. to provide safe supply in response to deadly illicit drug use

Ken Dockendorf is rallying opposition to the changes to high school sports governance. (The News files)
Maple Ridge coaches oppose changes to high school sports governance

Vote coming on May 1 could change varsity sports across B.C.

Students in Garibaldi secondary’s music program rehearse for Swing into Spring. (Special to The News)
Maple Ridge high school adding a spring to their step

Swing into Spring concert to raise money for the Garibaldi secondary’s music program

A person receives a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS
B.C. sees 873 more COVID-19 cases Tuesday, decline continues

Hospitalizations up to 377, two more deaths for 1,515 total

White Rock's popularity as a destination places it in a difficult position in ensuring provincial health orders are followed, Coun. David Chesney said, asking that staff obtain impartial input from both Fraser Health and the Ministry of Health before further measures are debated. (File photo)
Waterfront pandemic issues vex White Rock council

Overcrowding, extra garbage the downside of take-out business

FILE – People hold signs during a memorial march to remember victims of overdose deaths in Vancouver on Saturday, August 15, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. to request federal exemption for simple drug possession

Announcement comes on 5-year anniversary of B.C.’s first public health emergency

(AP Photo/Matthias Schrader, FIle)
Rare blood clots ‘may be linked’ to AstraZeneca vaccines: Health Canada

One case of the adverse effect has been reported in Canada

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
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

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has restricted indoor dining at all restaurants in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 indoor dining, drinking ban extending into May

Restaurant association says patio rules to be clarified

Two men walk past a sign on Main Street in downtown Vancouver, B.C., Monday, April 5, 2021. THE CANADIAN PRESS/Jonathan Hayward
Calls for government transparency in COVID data continue as B.C.’s 3rd wave wears on

Social media, where both information and misinformation can spread like wildfire, has not helped

Two men were seen removing red dresses alongside the Island Highway in Oyster Bay. (Submitted photo)
Observers ‘gutted’ as pair filmed removing red dresses hung along B.C. highway

Activists hung the dresses to raise awareness for Indigenous Murdered/Missing Women & Girls

A grey whale off the coast of Vancouver Island is being monitored by Canadian and U.S. researchers, as it has developed lesions after being tagged last year. To try and prevent systemic infection from developing, the team administered antibiotics to the whale on March 31 and April 1. (Photo from the NOAA Fisheries website)
Grey whale off Vancouver Island develops lesions after being tagged, researchers monitor its condition

Canadian and U.S. whale experts administered antibiotics to the animal on March 31, April 1

Most Read