Premier Paul Davis announced Tuesday "we have a deal," and the province would be calling on Ottawa to "deliver on its commitment" of $280-million.
Last year, the federal government announced it would give the province 70 per cent of the CETA fund.
According to Davis, the federal government now only wants to provide compensation for elimination of minimum processing requirements.
If those minimum processing requirements cost the provincial government less than $280-million, the federal government would be able to use that money for other provinces.
But Davis said dropping the minimum processing requirements for European markets in exchange for federal money is a corner stone of the deal and he has no intentions of giving them up without an investment from Ottawa.
"We clearly have a deal here," Davis said, adding the new stipulations are not in line with previous talks about the fund.
Davis said he will meet with Prime Minister Stephen Harper in Ottawa on Wednesday to finalize the deal, or the province will have to reconsider its support for CETA.