Russian President Vladimir Putin and Canadian Prime Minister Stephen Harper met on Saturday on the sidelines of the Asia Pacific Economic Cooperation (APEC) summit in the Russian Far East to discuss bilateral relations and cooperation in Arctic exploration.

The Russian city of Vladivostok hosts the APEC summit, whose official part is held on September 8-9.

“Trade turnover between our countries has grown eightfold since 2000, but it still remains very low in absolute figures,” Putin said. “We have significant opportunities, which we use insufficiently.”

“I hope we are able to work effectively in the years to come in the framework of existing organizations and prospects our experts propose,” he said.

Harper congratulated Russia on its recent admission to the World Trade Organization and said he hopes the membership in it will provide more economic opportunities for the country.

In 2011, Russia-Canada trade reached $2.4 billion.