Mr Emerson said the agreement would not proceed without support from Canadian companies representing at least 95% of the C$5.3bn in duties collected by the US.
The minister set the deadline following a meeting with industry executives in Toronto.
He said executives had been supportive of the agreement but acknowledged some changes were needed before industry would accept the deal.
The British Columbia lumber industry wants to see several changes, including no taxes on lumber processed from logs harvested on private lands, reduced taxation on remanufactured lumber and a one-year period after the agreement ends during which America could not start new trade action.
Canadian companies also have to drop their lawsuits against the US for the deal to proceed.
