Canada's Prime Minister Stephen Harper (C) signs the Canada-EU Comprehensive Economic and Trade Agreement(CETA) at Parliament Hill in Ottawa, Canada on September 26, 2014. Herman Van Rompuy (L), President of the European Council, and Jose Manuel Barroso, President of the European Commission were in town to officially sign on the Canada-EU Comprehensive Economic and Trade Agreement(CETA). Photo: David Kawai/Xinhua

Canada and European Union on Friday signed a comprehensive economic pact with view to strengthening and deepening the strategic partnership between two sides.

The pact, entitled Comprehensive Economic and Trade Agreement ( CETA), was signed by Canadian Prime Minister Stephen Harper and Herman Van Rompuy, president of the European Council and Jos Manuel Barroso, president of the European Commission.

The deal would see Europe buying more Canadians seafood, pork and beef, while Canadians would pay less for European imports like food, wine and cars. Negotiations for the deal ended in August.

The deal sill needs to be approved by the European Council and the EU parliament.

After the signing the agreement, the leaders of Canada and the European Union issued a joint declaration, hailing the deal as the start of a new, dynamic chapter in relations between Canada and the EU, which will help establish a range of cooperation mechanisms that will ensure continued collaboration between Canada and the EU, generate more trade and two-way investment, as well as promote jobs and growth.