Canadian Pacific and the Teamsters Canada Rail Conference have agreed to enter into binding arbitration.

CP President and CEO Keith Creel says the agreement enables a return to work effective noon Today.

The Teamster's spokesperson at the bargaining table, Dave Fulton says the decision to agree to final and binding arbitration is not taken lightly.

He notes that while arbitration is not the preferred method, they were able to negotiate terms and conditions that were in the best interest of our members.

The Teamsters note that wages and pensions remain stumbling blocks.

CP will immediately begin working with customers to resume normal train operations across Canada as soon as possible to resume essential services for customers and the North American supply chain.

Canada's labour minister  Seamus O'Regan is congratulating the two sides for agreeing to undergo final and binding arbitration. In a statement, O'Regan says this ``is further evidence that when employers and unions work together, we get the best results for Canadians and our economy.''