Canada and the United States have agreed to extend their agreement on softwood lumber trade by two years.

Trade ministers from both countries made the announcement at a ceremony in Washington, D.C., assuring some level of peace in what has been the most serious irritant in the generally good relationship between the two countries.

The countries decided in December that an extension of the current seven-year agreement would be preferable to new negotiations but they delayed the formal announcement until the two ministers could meet.

With the extension, the deal will be in force until 2015.

That doesn't mean there will be no disputes on the softwood trade front for the next three years, however.

The U.S. currently is launching a complaint of unfair trading over British Columbia practices that will be heard by an international panel in February.