Which of the following entity has recently been negotiated to replace NAFTA with effect from July 2020?

Option 2 : USMCA

The correct answer is USMCA

NAFTA: 

• The North American Free Trade Agreement (NAFTA) is a controversial trade agreement negotiated in 1992 that gradually removed most tariffs and other trade obstacles on goods and services passing between the United States, Canada, and Mexico.
• The agreement effectively created a free-trade bloc between North America's three largest countries.
• NAFTA entered into effect in 1994 and lasted until 2020, when it was replaced.

• North American Free Trade Agreement (NAFTA) is replaced by the Mexico-Canada Agreement (USMCA) on 1 July 2020.
• The agreement promotes more predictable and balanced, reciprocal trade, which helps Americans find low-cost, high-paying jobs and expands the North American economy.