Details of a major Atlantic Canada tourism agreement were announced Friday in Charlottetown.

The three-year deal is worth close to $20 million and concentrates on key U.S. and European markets.

The federal government, the four Atlantic provinces and their provincial tourism industry associations are contributing to the campaign.

The agreement is a renewal of the Atlantic Canada Tourism Partnership, which is designed to position the region as a major destination for foreign visitors.

"On our own we couldn't possibly afford to be able to reach the markets that the Atlantic region working together will do," said P.E.I tourism minister Valerie Docherty. "And it's also going to get to markets that we haven't been concentrating on in the past … so it's going to be a good thing when we partner together on this."

Expanded opportunities for P.E.I.

In P.E.I., the province is committing 30 per cent, the tourism industry 20 per cent and the Atlantic Canada Opportunities Agency 50 per cent, said Don Cudmore, executive director of the Tourism Industry Association of P.E.I.

"It gives operators on P.E.I an opportunity to be in marketplaces marketing, which they normally couldn't afford to do. It's the same for all of the partners," added Cudmore.

As for this year's tourism season, Cudmore said he's cautiously optimistic. He said operators report bookings are up so far.