"They used to call it NAFTA", Trump said.
But after a year of intense negotiations to salvage the 25-year-old pact, the United States and Mexico appear close to a point where Canada - which had been waiting for US-Mexican agreement on auto industry rules - can rejoin the talks.
U.S. President Donald Trump talks via speakerphone to Mexican President Enrique Pena Nieto to announce a deal to replace the North American Free Trade Agreement (NAFTA) at the White House in Washington, U.S., August 27, 2018.
Trump said the US has yet to begin negotiations with Canada.
Canada, so far, has been excluded from the talks as Mexico and the US resolve their issues.
Trump made border security a cornerstone of his campaign for president and has repeatedly threatened to rip up NAFTA, blaming the trade agreement, which came into effect in 1994 while Bill Clinton was president, for the loss of manufacturing jobs in America's Rust Belt.
As he announced the move, Trump said he would drop the name NAFTA for the trade arrangement because of the bad connotations of a deal that has been criticized as contributing to an outflow of jobs from the U.S.to Mexico.
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U.S. Trade Rep. Robert Lightizer said the deal will likely be sent to Congress on Friday and signed in November. Significant breakthroughs between Mexico and the US came during the past several days on automobiles and energy.
The Bank for International Settlements (BIS), a group owned by 60 central banks, found that if tariffs and other trade barriers shift to international norms, Canada's GDP would shrink by 2.2 per cent, compared to declines of 1.8 per cent for Mexico and 0.22 per cent for the United States.
A spokesman for Canadian Foreign Minister Chrystia Freeland issued a statement on Monday that warned against jumping to conclusions. The preliminary deal also says that 40 to 45 percent of the auto content must be made by workers earning at least $16 an hour.
After the election, the new president-elect's team met with US representatives and joined the negotiations as a sign of goodwill.
"Mr. President, you've been my friend, and you have been somebody that's been very special in a lot of ways, we talked a lot, we talked a lot about this deal, and I'd like to congratulate you and the Mexican people", said President Trump to President Nieto. Pena Nieto said on Twitter that he had urged Canada to return to the talks with the aim of concluding a three-nation accord "this week". "Our farmers are going to be so happy".
US Mexico NAFTA agreement includes 10 years of data protection for biologic drugs.
Advisers of incoming President Lopez Obrador hailed the new deal, saying it represented progress on energy and wages for Mexico's workers.
In the moments leading up to the call, Trump struggled to figure out how the heck the phone works, which wound up being a painfully awkward sight worthy of the Veep closing credit treatment.