OTTAWA, Jan. 26 (Xinhua) -- The North American Economic Alliance (NAEA), which is made up by the Canadian Chamber of Commerce, the U.S. Chamber of Commerce and the Consejo Coordinador Empresarial of Mexico, Friday agreed to have an effective and modern North American Free Trade Agreement (NAFTA).

Businesses across all of North America need an effective trade agreement that is adapted to the realities of today, according to a news release issued after an agreement signed by the NAEA Friday in the context of the sixth round of NAFTA negotiations which is under way in Montreal.

The agreement signed Friday by the alliance follows the trilateral commentary released at the launch of the alliance in June. It takes into account the information and agreements gathered over the past rounds of negotiations.

A renewed NAFTA must not just maintain the current benefits for our three business communities, but build upon them. Faced with burgeoning global competition, we need to strengthen the ability of North American businesses to compete and win, said the news release.

"This agreement reaffirms our commitment to NAFTA and sends a clear message to our governments: preserve and modernize the agreement so we can build a North America that's more competitive, more prosperous and more successful for everyone," said Perrin Beatty, president and CEO of the Canadian Chamber of Commerce in the news release.

"The U.S. business community remains steadfast in our commitment to achieving a modernized NAFTA, and the U.S. Chamber will continue to work closely with our partners in Canada and Mexico to sustain and strengthen our North American trading relationships," said Tom Donohue, president and CEO of the U.S. Chamber of Commerce in the news release.

"For over two decades, we have reinforced the ties of friendship and cooperation that bound our nations. Under the umbrella of NAFTA, businesses, governments, and societies in our three countries have increased trade, jobs, investment, and integration. Now, we have to move forward. The agreement that has shaped our relation can -and must- be modernized," said Juan Pablo Casta?on, President of the Consejo Coordinador Empresarial of Mexico in the news release.

American, Canadian and Mexican trade officials are meeting in Montreal for the sixth round of talks to renegotiate NAFTA.