Canada, Russia Agree To Greater Cooperation

by Mike Godfrey, Tax-News.com, Washington

09 June 2011

Canada and Russia have concluded key economic talks by signing commitments to increase bilateral trade, cooperation and collaboration.

The eighth Canada-Russia Intergovernmental Economic Commission session was held in Ottawa, and participated in by Canada's Minister of International Trade and Minister for the Asia-Pacific Gateway, Ed Fast, and his Russian counterpart, the First Deputy Prime Minister, Viktor Zubkov.

They issued a joint ministerial statement, along with a statement on scientific and technological cooperation. This latter agreement commits Canada and Russia to meet again in a year's time, in order to discuss potential areas for collaboration, and, in particular, climate and arctic research, energy, nanotechnology and biomedicine.

The ministers also signed a memorandum of understanding on aerospace. It provides for mutual assistance between the Aerospace Industries Association of Canada and Russia’s Union of Aviation Industrialists with a view to developing strategies designed to increase global competitiveness.

Commenting on the session, Fast said: “Jobs and economic growth to benefit Canadians continue to be our government’s top priority. With trade representing some 60% of our economy, deepening our relationship with key countries like Russia is vital to our economic recovery. The Economic Commission meeting demonstrates Canada and Russia’s commitment to not only support traditional areas of trade, but also to develop such emerging areas of commercial cooperation as space and science and technology. As a fast-growing economy, Russia offers great potential for Canadian companies, which would strengthen our economic growth and lead to more jobs.”

According to Canadian government figures, bilateral merchandise trade totalled CAD2.8bn (USD2.86bn) in 2010, up 12.3% on the previous year. Canadian merchandise exports to Russia reached CAD1.2bn, an increase of 33.8% from 2009.

Recommended