A spokesman for Canadian Foreign Affairs Minister Chrystia Freeland said on Monday that Canada will "continue to work toward a modernized NAFTA," but would only sign a new agreement that is good for the country.

"We will only sign a new NAFTA that is good for Canada and good for the middle class. Canada's signature is required," the spokesman said.

U.S. Trade Representative (USTR) Robert Lighthizer, at the same event in the Oval Office, said he expects to submit a notice to Congress on Friday and the new trade agreement is likely to be signed at the end of November.

The agreement, which subjects to congressional approval, will last 16 years and will be reviewed every six years, according to a senior administration official.

"At the end of that review, we would expect that the agreement would be extended for another 16 years," the official told reporters in a briefing call on Monday.

While calling Monday's announcement by the United States and Mexico "an important step toward modernizing NAFTA," Senate Finance Committee Chairman Orrin Hatch emphasized that "a final agreement should include Canada."

"I look forward to reviewing the details of today's announcement and continuing to work with USTR to resolve these issues so that a revamped NAFTA can pass Congress and become law," Hatch said in a statement.

As the main panel in the Senate overseeing trade issues, the finance committee's approval will be key to any trade deal.

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