ESV - 31 Behold, the days are coming, declares the Lord, when I will make a new covenant with the house of Israel and the house of Judah.
For follow-up discussion and general commentary on the topic. Comments are sorted chronologically.
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.
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).