At the G20 summit in Argentina the leaders of Canada, the US, and Mexico got together to officially sign the brand new USMCA, the trade deal that will replace NAFTA.
The new deal is really good for Canadians. It will mean better job opportunities, more economic stability, and even paying less duty when online shopping. Don't get too excited though, because simply signing the deal doesn't actually mean anything.
Despite Justin Trudeau, Donald Trump, and Mexican President Enrique Nieto sitting down together to sign the deal early this morning in Argentina, it doesn't change anything. Today's signing was actually largely ceremonial.
See even though it's been signed, the deal won't actually take effect until all three countries have ratified the deal on their own. Until that happens, the USMCA trade deal isn't actually valid.
That means it could be months before Canadians get to start enjoying the effects of the new deal. Each country has to go through the ratification on their own, in Canada that means introducing a bill about it in the House of Commons. Then it has to go through the legislative process, which takes a few months.
Considering the House of Commons takes a break in the summer, that also could mean the bill might not be approved in Canada before their June break. This would set us back to September before the new deal is ratified in Canada, and we are only one of the countries involved.
None the less, the signing this morning is still a step in the right direction. Canadian minister Chrystia Freeland had said previously they had wanted to have it signed by November 30th and they reached that goal.