"Russian-Norwegian relations are developing rapidly," Viktor Zubkov said at the beginning of the meeting. "Deepening political dialogue and cooperation in various sectors is actively promoted. Our practical cooperation, particularly in the Arctic, is becoming closer and more extensive. The July 7 entry into force of the Treaty on Maritime Delimitation and Cooperation in the Barents Sea and Arctic Ocean, which was signed by Russian President Dmitry Medvedev and Prime Minister Jens Stoltenberg of Norway in September 2010 in Murmansk, opens new vistas. Now it is important to ensure a smooth start for the implementation of the treaty."

Accordingly, both sides emphasised the important role of the Joint Russian-Norwegian Fisheries Commission in matters pertaining to the regulation of common stocks in the Barents and Norwegian Seas.

Viktor Zubkov and Trond Giske discussed prospects of cooperation in the exploration and development of hydrocarbon deposits in the Barents and Norwegian Seas, interaction in the development of transport corridors in the Arctic, as well as cooperation in education and high-tech industries.

Detailed discussions of specific projects in these areas will be held at the Russian-Norwegian Business Forum, scheduled for early November in Moscow. In addition, Mr Zubkov and Mr Giske agreed to hold a seminar on cooperation in the construction of fishing vessels with fishing industry representatives from Russia, as well as Russian and Norwegian shipbuilders.

According to both sides, these and other activities will enhance the potential for economic and investment partnerships between Russia and Norway.

Trade between Russia and Norway amounted to $2.1 billion in 2010. Russia currently has 120 registered enterprises receiving Norwegian capital. Norwegian investment in Russia amounts to $175.3 million.

Mr Zubkov and Mr Giske are co-chairmen of the Russian-Norwegian Intergovernmental Commission for Economic, Industrial, Scientific and Technical Cooperation.