The deal was inked by Canadian Foreign Minister Melanie Joly and her Danish counterpart, Jeppe Kofod.
"This truly is a historic day. We have discussed the sovereignty of Tartupaluk for more than 50 years. After intensified negotiations over the past few years, we have now reached a solution. Our efforts demonstrate our firm common commitment to resolve international disputes peacefully. I hope that our negotiation and the spirit of this agreement may inspire others. This is much needed at a time when respect for the international rules-based order is under pressure," Kofod said at the signing ceremony.
The deal also resolves outstanding boundary issues over "the maritime boundary on the continental shelf within 200 nautical miles, including the Lincoln Sea; and the continental shelf beyond 200 nautical miles in the Labrador Sea," according to Global Affairs Canada.
Canada and Denmark said this agreement was the beginning of a new, closer relationship and partnership, benefiting Inuit communities and locals of Greenland and Nunavut.
Tarupaluk, known as Hans Island, is a barren uninhabited island in the middle of the Kennedy Channel. A theoretical line between Canadian and Danish territorial waters, via Greenland, split Hans Island in two. The nearest population center, Alert, Canada, is 123 miles away and has a population of 62.