WASHINGTON (Pakistan Point News / Sputnik - 01st July, 2020) US Secretary of State Mike Pompeo said in a statement on Wednesday that the United States-Mexico-Canada trade deal is an "engine for growth" in North America.
"On July 1, the United States-Mexico-Canada Agreement (USMCA) came into force, fulfilling President Trump's promise to modernize and update trade agreements. More than just the modernization of our existing agreement, it is a new engine for growth in the 21st century that will keep North America the most economically competitive region in the world," Pompeo said.
The secretary of state also said the trade agreement will facilitate the economic recovery from the economic contractions caused by the measures implemented to fight the novel coronavirus pandemic and will benefit businesses in all countries party to the agreement.
The USMCA trade agreement comes into force as the United States and Canada remain at odds about the possibility of Washington re-imposing tariffs on Canadian aluminum.
The trade deal is expected to add some $68 billion to the US GDP and create 176,000 new jobs in the country, according to reports.
