Canada's trade and agriculture ministers are cautiously optimistic about a bill drafted this week in U.S. Congress to repeal Country of Origin Labeling (COOL).

The legislation was announced Wednesday, but still needs to be passed by the House and Senate.

Canadian Trade Minister Chrystia Freeland says while they await World Trade Organization (WTO) authorization to impose the approved tariffs on American products, they'll be watching to see what happens in the U.S.

"We are working very hard with our U.S. allies and we are going to be in very close contact with them — hour-by-hour contact — as this process unfolds on Thursday and on Friday," Freeland says. "The earliest vote could come, actually, in the House on Friday."

WTO authorization is also expected as early as Friday. Freeland says the ultimate goal is to have mandatory COOL repealed, but until that time, Canada is still repaired to retaliate.

"Canada and the United States have always had a close relationship. Our trading relationship is the most important relationship for both of us," she says. "We have so many shared goals and values, and we are very hopeful thanks to some of the developments this week that this dispute will come to a successful conclusion."

Freeland says they are also in close contact with Mexico's secretary of economy.