Canada, US finalise softwood lumber deal

GENEVA/OTTAWA, July 2 (Reuters) Canada and the United States finalised a deal to end a long-standing trade dispute over softwood lumber after ironing out final details on the sidelines of World Trade Organisation talks in Geneva.

Canadian Trade Minister David Emerson and US Trade Representative Susan Schwab initialed the agreement in a late- evening ceremony on Canada's national holiday.

The seven-year deal -- first agreed to in principle in late April -- now needs to be formally approved by both sides and should take effect on October 1, Emerson said.