Canada and Russia on Thursday signed here a joint ministerial statement to strengthen bilateral trade relations.

The statement was signed by Canadian International Trade Minister Ed Fast and Russia's first deputy Prime Minister Viktor Zubkov at the conclusion of the 8th Canada-Russia Intergovernmental Economic Commission (IEC) session in Ottawa.

In addition to the joint ministerial statement, a statement on science and technology cooperation was also signed that commits Canada and Russia to meet one year from now to map out possible areas of collaboration, including climate and arctic research, energy, nanotechnology and biomedicine.

Meanwhile, Canada and Russia signed a memorandum of understanding (MOU) on aerospace to develop strategies that will make both countries' aerospace sectors more globally competitive in the years to come.

It will enhance cooperation in developing and producing advanced aerospace products and improving access to respective aerospace markets with a view to increasing trade.

It will also encourage the exchange of information and promotion of aeronautical products and support the practical implementation of advanced standards and regulations.

As jobs and economic growth continue to be the top priority of the newly elected Canadian government, Canada is seeking to deepen and broaden its trading ties with key countries like Russia, with trade representing some 60 percent of its economy.

Canada's bilateral merchandise trade with Russia increased by 12.3 percent in 2010 from the previous year to 2.8 billion Canadian dollars (about 2.87 billion U.S. dollars), with exports to Russia at 1.2 billion Canadian dollars (1.23 billion U.S. dollars), an increase of 33.8 percent from 2009.

"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," said Fast. "As a fast-growing economy, Russia offers great potential for Canadian companies, which would strengthen our economic growth and lead to more jobs."

The IEC, which convenes every two years, was created under the 1993 Canada-Russia Agreement on Economic Cooperation to promote economic relations between Canada and Russia and to address issues affecting bilateral trade.