Canadian Prime Minister Justin Trudeau and his administration joined the agreement reached last month by Donald Trump and Enrique Peña Nieto after several weeks of tense negotiations. The free trade agreement (FTA) was renamed the U.S.-Mexico-Canada Agreement (USMCA), and the three countries have 60 days to ratify the agreement. Before the deal can officially replace NAFTA, it must first be ratified by all three respective legislatures.

"​USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade, and robust economic growth in our region," Foreign Affairs Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer said in a joint statement released late Sunday evening. The agreement was not reached without controversy, however, with both Canadian and American government’s receiving backlash for their respective concessions in participation.

The deal is set to impose stricter rules for intellectual property and automobile imports, as well as new parameters for financial services, the pharmaceutical industry, and ecommerce. The goal of USMCA is to lower the trade barriers between the U.S., Canada, and Mexico. The agreement specifies that Chapter 19, NAFTA's dispute resolution mechanism, will remain intact.

The signing of the USMCA by the leaders of the three countries will be held on November 29 in Buenos Aires, Argentina during the 2018 G-20 Summit. The agreement is expected to go into effect in late 2019.

If you want to learn more about the USMCA, visit The Washington Post, CBC, and the USTR.