The United States and Canada extended a bilateral agreement on softwood lumber by two years to 2015 on Monday. Washington and Ottawa signed the initial seven-year deal in 2006 in an effort to end prolonged legal battles. Continuing the lumber pact was important, "particularly when both sides of the border are facing weak demand," U.S. Trade Representative Ron Kirk said in a statement. "This extension agreement will bring much-needed stability and predictability to the lumber industry," Canadian Trade Minister Ed Fast told reporters after a meeting in Washington with Kirk. The United States and Canada are the biggest goods-trading partners in the world. Bilateral trade in 2010 totaled $525 billion, according to U.S. data.
