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UPDATE 1-Canada formally presents legislation to ratify new North American trade pact

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OTTAWA, May 29 (Reuters) - The Canadian government formally presented draft legislation to ratify the new North American Trade deal to parliament on Wednesday, less than 24 hours ahead of a visit by U.S. Vice President Mike Pence.

Prime Minister Justin Trudeau presented the bill to the House of Commons, confirming a Reuters story from Tuesday that said the legislation would officially be offered up to parliament on Wednesday.

Canada, Mexico and the United States signed the United States-Mexico-Canada Agreement (USMCA) in November 2018.

However, the deal, which would replace the existing North American Free Trade Agreement (NAFTA), has yet to be ratified by all three countries.

"The new NAFTA will secure access to a trading zone that accounts for more than a quarter of the global economy," Trudeau said. "It is now time for the members of this House to ratify it."

Foreign Minister Chrystia Freeland has said Canada will press ahead with its ratification plans, in tandem with the United States.

(Reporting by Kelsey Johnson; Editing by Lisa Shumaker)