The US-Canada deal follows a separate agreement between the US and Mexico reached in August.
The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from US anti-dumping tariffs, USA and Canadian officials said.
USA stock index futures also rose, with S&P 500 Index e-mini futures rising by more than 0.5 percent, suggesting the benchmark index would open near a record on Monday.
The Trump administration plans to send the new deal to Congress, starting a 60-day review period before Trump can sign it. Congress can suggest changes during that time. Trump has publicly groaned about NAFTA's name.
USA lawmakers and business have urged the administration to keep Canada in the deal but the trilateral nature had been in jeopardy after Trump on August 27 announced he reached a deal with Mexico that Canada could join if it's willing to make concessions.
"USMCA will give our workers, farmers, ranchers, and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region", Freeland and Lighthizer said in a joint statement.
"It's a good day for Canada", Prime Minister Justin Trudeau told reporters after a late-night cabinet meeting to discuss the deal, which triggered a jump in global financial markets.
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But the US and Canada had trouble dealing with other areas in the pact, including Canada's dairy industry, its insistence on a strong dispute settlement mechanism and concerns about intellectual property and culture.
The two sides are discussing the last sticking points, including greater market access for USA supplies into Canada's dairy market, according to the people, who spoke on the condition of anonymity because the discussion are private. Canada will continue to impose severe tariffs on any U.S. dairy that exceeds the quota.
Canada has agreed to provide USA dairy farmers access to about 3.5 percent of its approximately $16 billion annual domestic dairy market.
The Toronto Star is reporting that Canada has been able to preserve the dispute resolution mechanism known as Chapter 19.
Trump had said he wanted to go ahead with a revamped NAFTA - with or without Canada.
Tariffs: Canada received some assurances that any future tariffs on imported cars and auto parts will not hit the country.
"It's a great win for the president and a validation for his strategy in the area of global trade", a senior administration official told reporters.
In addition, Canada joined on to updated agreement made between the USA and Mexico on a six-year review period for NAFTA and updates on intellectual property treatment.
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Canada has made some concessions, including removing help for its dairy farmers, in return for protections for its auto industry. The procedure was essentially a fast-track version of the World Trade Organization's dispute settlements but only applied to the three NAFTA members. To meet that deadline, the text of the agreement had to be submitted to Congress before October.
Peter Navarro, an adviser to Trump on trade, told Fox News: "Everybody is negotiating in good faith right now as we speak". That started a 90-day clock that would let outgoing Mexican President Enrique Pena Nieto sign the new pact before he leaves office December 1. While López Obrador did have representatives present during the US-Mexico talks, US and Mexican officials anxious about about possible political upheaval around the changeover.
Robert Lighthizer, US trade representative, and Chrystia Freeland, Canada's foreign minister, both declared victory. Trump had campaigned on renegotiating or ripping up the trade pact, calling it "the worst deal maybe ever signed".
Trudeau has promised repeatedly to keep the country's supply management system intact, despite pressure from Trump.
The deal must clear a series of procedural hurdles to get to Congress for a vote, which is unlikely to come before 2019.
But the deal failed to resolve USA tariffs on Canada's steel and aluminum exports.
Trump announced that the USA would impose a 25% tariff on imports of Canadian steel and a 10% tariff on aluminum in June, which in turn prompted Canada to respond with retaliatory tariffs on a slew of United States products in July.
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