President Trump on Friday signed a three-way trade deal with Mexico and Canada that will replace NAFTA if approved by Congress.

Trump signed the U.S. Mexico Canada trade agreement in Argentina on the side of the G-20 summit.

"This is a model agreement that changes the trade landscape forever, and this is an agreement that first and foremost benefits working people, something of great importance to all three of us here today," Trump said.

"Thank you for your close partnership throughout this process," he said to Mexican Prime Minister Enrique Pena Nieto and Canadian Prime Minister Justin Trudeau.

Treasury Secretary Steven Mnuchin praised the deal as one that would rebalance trade in North America.

"Today's signing marks a critical step in modernizing and rebalancing North American trade," he said. "The new agreement secures strong outcomes for farmers, ranchers, businesses, and workers across North America, including in areas such as auto manufacturing and intellectual property."

Among other things, the deal encourages more manufacturing in North America, a step Trump has said would help retain and create jobs in America.

Vice President Mike Pence also praised it as a campaign promise kept.

[Read more: Trudeau needles Trump at trade deal signing by spurning USMCA name]



American workers, jobs, agriculture, and intellectual property are all big winners in the USMCA trade agreement. @POTUS promised we would renegotiate bad trade deals and get great ones — and that’s exactly what we did with USMCA. Congratulations @POTUS! — Vice President Mike Pence (@VP) November 30, 2018



The deal won't be finalized, however, until the legislatures of each country approves the deal. It's not yet clear that the Democratic-led House will accept the deal when it convenes next year.

But Trump said he was confident the deal would go through.

"I look forward to working with members of Congress and the USMCA partners, and I have to say, it's been so well-reviewed, I don't expect to have very much of a problem, to ensure the complete implementation of our agreement," he said.