US President Donald Trump has formally signed a new trade pact with Mexico and Canada, bringing his campaign promise to replace the three countries' existing deal closer to fruition.

Axar.az reports citing BBC.

The US Mexico Canada Agreement (USMCA) is set to replace the 1994 North American Free Trade Agreement (Nafta).

Mr Trump has described Nafta as America's "worst" deal and blamed it for a decline in manufacturing jobs.

Canada has yet to ratify the pact but is expected to do so within weeks.

The three countries announced they had reached a deal in 2018 after more than a year of negotiation. The accord has been working its way through the legislatures of the three countries ever since.

In the US, Democrats, who control the House of Representatives, insisted on changes - including stronger labour rules - before voting in support of the measure. Those revisions were approved late last year.