Canada and the EU will provisionally apply their Comprehensive Economic and Trade Agreement (CETA) from September 21, 2017.
Canadian Prime Minister Justin Trudeau met with the Jean-Claude Juncker, the President of the European Commission, during last week's G20 Summit.
According to a joint statement issued on July 8, the two sides "agreed to set the date of September 21, 2017, to start the provisional application of the agreement, thus allowing for all the necessary implementing measures to be taken before that date."
For the agreement to definitively enter into force, the parliaments in all EU member states must ratify the text.
The statement said: "It is by opening up to each other, by working closely with those who share the same values that we will shape and harness globalization. It is important that our companies and citizens, the real winners with this agreement, start reaping its benefits without further ado."
Upon CETA's entry into force, Canada will eliminate duties worth EUR400m (USD456.1m) each year for goods originating in the EU. Once the agreement is fully implemented, that figure will rise to more than EUR500m a year.
The EU will immediately remove tariffs on 98 percent of its tariff lines, rising to 99 percent upon full implementation.