Ottawa, ON — Canada has officially notified the U.S. and Mexico that it has completed the ratification process of the new NAFTA, one of the final steps before full implementation of the trade agreement that ensures the supply chain between the countries operates at full capacity.
“Canada has now notified the United States and Mexico that we have completed our domestic ratification process of the new NAFTA. This is an important step towards implementing this essential trade agreement,” stated Deputy Prime Minister, Chrystia Freeland.
“The Canadian government will continue to work with the United States and Mexican governments to determine an ‘entry into force’ date that is mutually beneficial. We want to ensure the new NAFTA will support a strong economic recovery once we have put the COVID-19 pandemic behind us – which we will.”
Freeland stated that the government is hopeful that the new NAFTA will enter into force later this year.
“The new NAFTA is good for Canadians, in every region and in every sector of our economy. It is good for workers, families, entrepreneurs, and businesses. It supports the prosperity of communities across our country.
Last month, the government’s assessment predicted a very modest gain in the Canadian economy, estimating the deal will be worth an additional $6.8 billion by 2025 — which amounts to a 0.25 per cent gain in gross domestic product — compared with having no continental trade agreement at all. It does not compare the new deal to the old NAFTA.