Canada may be just months away from becoming the first country in the world to have a free trade agreement with both the United States and the European Union (EU), Peter Van loan, Canada's minister of international trade, said here Thursday.

Speaking at a private meeting of conservative policy experts, Van Loan said he hopes the Canada-EU trade deal can be completed by the end of next year. A fourth round of meetings between Canada and EU officials recently ended on a positive note, Van Loan told the Fraser Institute.

"These negotiations hold great potential to help create jobs and prosperity on both sides of the Atlantic," the minister said. "One study predicted that an agreement could boost Canada's trade with the European Union by 38 billion U.S. dollars within seven years of implementation."

Van Loan said Canada is "very encouraged" with the progress of the talks.

An agreement with the EU would give Canada its first major entry into European markets since 1960, when Britain dropped trade preferences for its former colonies in its first bid to join the European Economic Community.

"Once an agreement is in place, Canada will be the only country in the world to have a free trade deal with both the United States and the European Union, the world's two largest economies-an enormous competitive advantage," Van Loan said.