The Canadian delegation was led by the Minister for International Trade, the Honourable Roy MacLaren, and the Russian delegation by the Deputy Chairman, Mr. Alexander Zaveryukha. Mr. Zaveryukha is accompanied by a delegation of some 35 participants including senior officials from the Russian Government, regional governments and leading business people.
Opening statements were delivered by Mr. Chretien and by Mr. Chernomyrdin. They were followed by Mr. MacLaren, who discussed Canada's international trade and investment activities with a focus on Russia, and by Mr. Zaveryukha, who addressed the issue of economic reforms in Russia.
The IEC is designed to serve as a forum to address issues relating to bilateral trade and investment between Canada and Russia. "This Commission," declared Mr. MacLaren, "will help raise the profile of Russia in Canada as a place to do business and to raise the profile of Canadians in Russia as partners with whom to do business."
In his turn, Mr. Zaveryukha noted that the first session of the Commission laid down the foundation for regular consultations at the government level in the area of bilateral economic co-operation.
The IEC agenda included presentations by leading Canadian and Russian business representatives in the areas of high technology, energy, aeronautics, natural resources, agriculture, and housing. The Export Development Corporation led a discussion on financing. Trade policy issues were also reviewed.
The Commission agreed on the creation of sectoral working groups in the areas of agriculture, resources and advanced technologies that will throughout the year discuss the issues relating to their particular areas of responsibility. They will report to the next session of the Commission.
The Commission agreed that work on the terms of reference should continue and that they should be presented for approval at the next meeting of the IECS the Co-chairs further agreed that they would designate officials at an appropriately senior level both to co-ordinate the work of the Commission and to address questions related to investment and trade policy.
The IEC considered how future meetings should be conducted. It was agreed that they should involve government officials at the federal and regional levels as well as representatives of the private sector. It was further agreed that the next meeting of the Commission should take place in Moscow, Russia next year.
On the occasion of the Commission, bilateral agreements and MOUs were signed between the two parties in the areas of double taxation, housing, culture, television and film co-production, pharmaceuticals, and immigration co-operation. Others currently under negotiation include an air co-operation agreement, a customs co-operation agreement and a mutual legal assistance treaty.
Within the framework of the IEC meeting, Mr. Zaveryukha has traveled within Ontario, where he has held talks with business leaders and academics in the fields of agriculture and agribusiness. Mr. Zaveryukha will also be meeting with the Honorable Ralph Goodale, Minister of Agriculture and Agri-Food, during his stay in Ottawa.