Judicial basis for Russian-Canadian economic relations form Agreement on Trade and Commerce (done in 1992), Foreign Investment Protection Agreement (done in 1989, came into force in 1991), on Economic Cooperation (done in 1993), Agreement for avoidance of double taxation (done in 1995), Air Services Agreement (done in 2000), Agreement on the Principles and Basis for Cooperation between the Provinces and Territories of Canada and the Subjects of the Russian Federation (done in 2000).

Intensification of Russian-Canadian contacts at the highest and high level helped to give a boost to the bilateral trade and economic relations, further strengthening of their judicial basis.

During the visit by the Chairman of Government of the Russian Federation to Canada on November 29, 2007, Joint Statement on Russian-Canadian Economic Cooperation was adopted, as well as inter-departmental documents on cooperation in the realm of agriculture, fisheries, indigenous people development , MOU on creating Working Groups in the sphere of food safety were signed.

Russian-Canadian Intergovernmental Economic Commission (IEC) is a main tool created in October, 1995 to help the two Government to fulfill their obligations in trade and economy interaction, to determine new opportunities and to overcome problem matters . Now it is Co-Chaired by Mr. Viktor Zubkov, Deputy Chairman of Government of the Russian Federation, and Mr. Stockwell Day, Minister of International Trade of Canada. IEC comprises a working group on Agriculture as well as working groups on construction, fuel and energy, mining, cooperation in Arctic and North.

As per high level arrangement, Russian-Canadian Business Council (CRBC) was established and started to work in October, 2005.Co-chairs of the Council are Mr. Alexander Shokhin, President of The Russian Council of Industrialists and Entrepreneurs and Mr. Piers Cumberlege, Chairman of Canadian-Eurasian Russian Business Association. Within CRBC there are commissions on mining and metallurgy, energy, information and telecommunication technologies, transportation.

In March, 2007 the First Russian-Canadian Business Summit took place, comprising VI session of the IEC and II session of CRBC. IEC Co-Chairs and CRBC leaders agreed to continue the practice of conducting Joint sessions of the Commission, Council and working groups in the Format of Business Summit.

The second Russian-Canadian Business Summit, comprising IEC VII session and CRBC III session was held in Moscow on June 22-23, 2009. After the Summit the delegation led by Stockwell Day visited Sochi where discussed the opportunities for the Canadian companies to participate in the infrastructure development projects works for the Winter Olympic games of 2014. There is an arrangement to hold another IEC session in Canada in 2011 and to consider the possibility of IEC Co-Chairs meeting in 2010.

The cooperation between Russian regions and Canadian provinces and territories is rapidly developing. The most promising directions of the Russian- Canadian economic cooperation are energy, mining, agriculture, transport, communication technologies, aerospace industry. Numerous opportunities to boost cooperation exist in such new spheres like forestry, automotive and automotive parts industry, financial services and nano-technologies.

The most promising projects are exploring possibility of delivery of the Russian liquefied natural gas to North America, closer cooperation in producing of nuclear fuel and uranium ore, arranging for transcontinental sea and air transit routes, establishing of joint car and new rolling-stock manufacturing in Russia, application of the newest technologies to mining operations, breeding of highly productive cattle, partnership in the housing sphere and its financing.