Hopes have been raised that the United States-Mexico-Canada Agreement (USMCA) could be signed by the end of the year.

US house speaker Nancy Pelosi told reporters at the White House this week that all sides are moving positively in terms of the free trade deal, with a potential replacement for the North American Free Trade Agreement almost ready to go.

"I do believe that if we can get this to the place it needs to be, which is imminent, that this can be a template for future trade agreements, a good template," she added.

Ms Pelosi's comments have led to suggestions the deal could be approved by both the US House and the Senate before the end of this year.

However, this may be hindered by impeachment proceedings that are currently taking place against US president Donald Trump in the House.

At present, Mexico has ratified USMCA, but Canada has not, leading Mr Trump to accuse the nation of stalling.