The United States, Canada and Mexico signed a revised North American trade agreement today, known as the US-Mexico-Canada Agreement (USMCA). The agreement would replace the current North American Free Trade Agreement (NAFTA).

The signing occurred with President Donald Trump, Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Pena Nieto at the Group of 20 nations (G-20) summit in Buenos Aires, Argentine. Each country’s legislature must also ratify the agreement. President Pena Nieto will formally divest his presidential power to his successor–Andres Manual Lopez Obrador–on Saturday.

The three countries agreed to formally sign the USMCA on the same day as the U.S.-imposed September 30 deadline.

According to the deal, the new tariff rate quota for chicken is 57,000 metric tons by year six of the agreement, growing one percent annually for an additional 10 years. The U.S. will still be eligible to export up to 39,844 metric tons under Canada’s World Trade Organization (WTO) tariff rate quota framework. The United States could previously export to Canada only 7.5 percent of Canada’s previous-year’s domestic broiler production.

“We’re most pleased that the new agreement not only assures our continued access, but provides for growth in our exports as we move forward,” said NCC President Mike Brown and USAPEEC President Jim Sumner. “Canada has always been one of our key export markets.  It is a win-win for both the U.S. industry and Canadians, and we are very appreciative of the administration’s efforts during these negotiations.”

“The new USMCA makes important specific changes that are beneficial to our agricultural producers.” said U.S. Department of Agriculture Secretary Sonny Perdue of the signing. “The agreement also preserves and expands critical access for U.S. poultry and egg producers and addresses Canada’s discriminatory wheat grading process to help U.S. wheat growers along the border become more competitive. This is good news for American farmers and we now need Congress to follow suit and enact the necessary implementing legislation.  I commend President Trump and our U.S. Trade Representative, Ambassador Lighthizer, for their perseverance, leadership, and hard work,” said Secretary Perdue.

“This new deal will be the most modern, up-to-date, and balanced trade agreement in the history of our country, with the most advanced protections for workers ever developed,” said President Trump of the signing.

The official White House announcement can be found here.