Foreign Affairs Minister Chrystia Freeland says progress made in negotiations to modernize NAFTA will make it easier for companies to conduct trilateral trade.

After speaking to a Montreal business audience, the minister told reporters that the nine modernization chapters concluded in the renegotiation of the North American Free Trade Agreement will cut red tape that has made it a hassle to conduct cross-border trade.

Freeland says modernization of the 24-year-old trade agreement is often ignored by journalists who focus on struggles by the United States, Canada and Mexico to reach an overall deal.

The TSX gained 104.42 points to 16,420, a record high.

Oil closed at $65.71 U.S. per barrel, up 81 cents.

Gold closed at $1,274.50 U.S. per ounce, down $4.10.

The loonie was $75.18 U.S., down 0.14 of a cent from Tuesday.