The Dominican government will initiate a round of talks with its Canadian counterparts, with the aim of working out a free trade agreement between the two nations. At least this is the gist of the conversations between Dominican President Leonel Fernandez and Paul Martin, the Canadian Prime Minister. According to several newspapers, the press release from the Presidential Palace stated that the two leaders have signed an agreement to start the talks during the IV Summit of the Americas in Mar de Plata, Argentina. The aim of the talks will be to reach an agreement similar to DR-CAFTA, which could go into effect in January. At present there is US$80 million worth of Canadian investments in the Dominican Republic, mostly in the mining, financial and commercial sectors. This amount could increase dramatically if the proposed re-opening of the gold mine in Cotui is finalized under the leadership of the Placer Dome Corporation. This investment is estimated to reach US$500 million over several years. Trade between the two countries reached US$101 million in 2004, with the DR exporting US$72 million and importing US$32 million.