Canadian ministers, Russian official discuss commercial ties

19:01, April 29, 2010      

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Canada's trade and agriculture ministers met Wednesday with the first deputy prime minister of Russia to discuss commercial ties between the two countries.

"Our countries have seen increasing trade, investment and cooperation in science and technology and in agriculture," said Peter Van Loan, minister of international trade. "As a leading economy, Canada offers first-rate business conditions."

Van Loan and Gerry Ritz, the agriculture minister, met with Viktor Alekseyevich Zubkov, first deputy prime minister of Russia, to discuss trade and other issues.

"Russia's growth in agricultural trade is creating tremendous opportunities for our farmers," Ritz said.

Russia is an emerging market and remains a destination for Canadian companies specializing in technology, agriculture and infrastructure.

The value of Canada's foreign direct investment in Russia was approximately 725 million Canadian dollars (about 730 U.S. dollars) at the end of 2009.

Canada and Russia in 1993 created the Canada-Russia Intergovernmental Economic Commission to promote business relations between the two countries.

The commission holds regular meetings to address issues affecting bilateral trade, highlight success stories and encourage business development. Van Loan and Zubkov co-chair the commission.

The last full session of the Canada-Russia IEC took place in Moscow in June 2009. The next session is scheduled to take place in Canada in 2011.



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