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Washington, Jan 29 (Canadian-Media): A trade agreement with Canada and Mexico was signed and changed into a law by United States President Donald Trump Wednesday which gave him more time to rework the North American Free Trade Agreement (NAFTA) as the Senate impeachment trial was in progress, media reports said.
Donald Trump. Image credit: Twitter
All efforts made by U.S. Trade Representative Robert E. Lighthize failed to convince democratic lawmakers to be present at the signing ceremony.
Provision of new environmental and labor standards for the countries is created by the revised treaty, called the U.S.-Mexico-Canada Agreement (USMCA).
Farmers also have greater access to Canadian markets, and implies that car companies use a higher share of parts within North America in their production, among other changes.
Mexico has already ratified the deal, and Canada is expected to formally approve it very soon
Trump said original NAFTA was a catastrophe and the reason he ran for president and abandoned the life of luxury of a private businessman and celebrity.
“This is a cutting edge, state-of-the-art agreement that protects and defends the people of our country,” Trump said and added USMCA trade deal would increase America’s Gross Domestic Product by 1.2 percent.
But it is not if the trade deal will reverse decades of damage to America’s industrial sector.
The agreement also scrapped the original NAFTA's Investor-State Dispute Settlement system.
Although the North America deal was supported by the AFL-CIO, one of the largest unions in the country, as well as leading business groups, it was greatly opposed by the nation’s leading environmental organizations, including the Sierra Club and the League of Conservation Voters, who said agreement had ignored climate change and helping “corporate polluters.”
Citing the opposition of environmental groups and the Machinists Union, Sen. Bernie Sanders voted against the package.