This new covenant is compared to the covenant made with Israel. The old covenant refers not to the covenant God made with Abraham, but to the covenant made with the nation of Israel.
That old church was to be rejected in the time of Christ. Israelites entered the covenant by natural birth, but we are not in Christ’s kingdom because of natural birth. That is why we cannot be in the Church of England. Not only is the gospel not loved by all there, but that church encompasses all on the parish roll simply because they are born into it. Yes, but that was the old arrangement. God ran it for years and he had all Israel ‘on the parish roll’. The new covenant operates on quite different terms to the old.