CANADA AND RUSSIA SIGN NEW AGREEMENTS TO STRENGTHEN ECONOMIC COOPERATION
The Government of Canada today welcomed the signing of new bilateral agreements with Russia that will strengthen economic cooperation between the two countries. The agreements, which will enhance relations in the areas of agriculture, fisheries, nuclear power, trade financing, as well as in the Arctic and northern regions, are part of the Economic Statement concluded during today’s visit to Canada by Russian Prime Minister Viktor Zubkov and four Russian cabinet ministers.
The signings are a direct result of the Joint Policy Statement issued by Prime Minister Stephen Harper and Russian President Vladimir Putin in St. Petersburg in 2006, and the successful Canada-Russia Business Summit held in Ottawa last March.
The Honourable David Emerson, Minister of International Trade, and Alexey Gordeyev, Russia’s Minister of Agriculture, co-chairs of the Canada-Russia Intergovernmental Economic Commission, today witnessed the signing of four memorandums of understanding (MOUs), one Joint Statement and one Declaration of Intent in the context of the Economic Statement.
A Canada-Russia MOU on fisheries cooperation, signed by the Honourable Loyola Hearn, Minister of Fisheries and Oceans, and Andrey Krayniy, head of Russia’s State Committee on Fisheries, will promote opportunities for technical, scientific, economic and enforcement collaboration on fisheries issues, particularly in the Northwest Atlantic and North Pacific.
A Joint Statement on agriculture, signed by the Honourable Gerry Ritz, Minister of Agriculture and Agri-Food, and Minister Gordeyev, will develop and strengthen agricultural cooperation between Canada and Russia through joint research activities and regular information exchanges.
A Declaration of Intent, signed by Carole Swan, President of the Canadian Food Inspection Agency, and Sergey Dankvert, head of Russia’s Federal Service for Veterinary and Phytosanitary Surveillance, will establish technical working groups on food safety, animal health and plant health.
An Arctic MOU, signed by Rod Bruinooge, Parliamentary Secretary to the Minister of Indian and Northern Affairs and Northern Development, and by Dmitry Kozak, Russia’s Minister of Regional Development, will promote cooperation on Aboriginal and northern development, building on past accomplishments. It will provide continuity in business exchanges and enable northerners to take advantage of emerging markets.
An MOU signed by Benoit Daignault, Senior Vice-President of Export Development Canada (EDC), Klaus Büttner, EDC’s Regional Vice-President, and Vladimir Dmitriev, Chairman of Vnesheconombank, will promote trade and investment between Canada and Russia through the provision of financial services and joint cooperation.
An MOU on nuclear power cooperation, signed by David Torgerson, President, Research and Technology Division, Atomic Energy of Canada Limited, and Sergey Kirienko, Russia’s head of the State Agency for Atomic Energy, will expand cooperation in the peaceful uses of nuclear energy.
Under the Joint Statement, Canada and Russia reaffirmed the government’s role in facilitating economic activity by establishing and maintaining a favourable environment for trade and investment within a free market conforming to internationally accepted rules and regulations. It was agreed that Russia’s integration into the world economy would be enhanced through membership in the World Trade Organization and the Organisation for Economic Co-operation and Development. The two countries also agreed to explore the possibility of upgrading the existing Foreign Investment Protection and Promotion Agreement to give investors the predictability and certainty they need to take advantage of market opportunities.
It was also agreed that the next Canada-Russia Business Summit should be held in the fall of 2008 in Russia.
Canadian exports to Russia have grown from $240 million in 2002 to more than $875 million in 2006 and are on track to exceed $1 billion in 2007. Bilateral trade has also experienced a significant increase from $620 million in 2002 to $2.3 billion in 2006. Two-way direct investment has also increased as a result of several major commercial announcements this year, particularly in the transportation, construction and mining sectors.
