Sina Finance, December 11. Trade negotiators from the US, Canada, and Mexico signed the revised US-Mexico-Canada Agreement (USMCA) at an event held in Mexico City on Tuesday local time, paving the way for the legislatures of the three countries to approve the agreement.

Previously, Democrats in the US House of Representatives supported revising the North American Free Trade Agreement. Speaker Nancy Pelosi said the revised agreement would be better for American workers.

The US-Mexico-Canada Trade Agreement (USMCA) will replace the North American Free Trade Agreement (NAFTA), which has been in effect since 1994 and covers $1.2 trillion in annual trade across the North American continent. Its supporters say NAFTA has created 12 million jobs in the US, accounting for one-third of all US agricultural exports.

US President Trump initiated a renegotiation of the North American Free Trade Agreement in his first year in office, with the intention of fulfilling his promises during the 2016 election campaign and replacing what he mocked “the worst deal ever.” The leaders of Canada and Mexico reluctantly agreed to join negotiations with their biggest trading partners.

Mexican President Obrador, Canadian Deputy Prime Minister Freeland, US Trade Representative Wright Hezer, and US White House adviser Kushner held a signing ceremony in Mexico City at noon local time.

The revised trade agreement eliminatedNAFTAA loophole that allows any country to oppose the establishment of an enforcement team. According to the summary, the agreement updated the rules on how evidence should be presented to the arbitration panel.