For follow-up discussion and general commentary on the topic. Comments are sorted chronologically.
Bruce Morgan
There have been a number of covenants, each one "new" at the time it was made.
See the question "What are the covenants of the Bible?" for more information.
http://ebible.com/questions/617-what-are-the-covenants-in-the-bible#answers
The last covenant in Christ frees us from the penalty of the Law (Rom 8:1-3) so that salvation is God's free gift of grace (Eph 2:8-9) to all peoples of the world who accept his Son (Acts 4:12).