The declaration outlines promising directions for Russian-Spanish cooperation. It notes that the two countries have become strategic partners in the political, economic, humanitarian and military spheres.
"This declaration declares the establishment of strategic partnership ties between the Russian Federation and the Kingdom of Spain, which incorporates all spheres in relations, including the political, economic, cultural, scientific, technical and educational aspects," the document said.
The declaration also said the Russian president and the Spanish premier would meet at least once a year to develop relations.
Russia and Spain also signed a number of other documents, including on cooperation in the energy sphere and military transit, tourism, law enforcement and transportation.
Bilateral trade has grown almost fivefold over the past five years, hitting $9.3 billion in 2008. Russian exports have increased 17% amounting to over $5 billion and imports grew 32.5% to $4.2 billion.
Medvedev said cooperation between Russia and Spain could reach a new level in the 21st century.
"I would like to stress that in the 21st century we could actually reach a totally new level of cooperation between our countries, and I am talking not just about cooperation in the business sphere, but also in the area of humanitarian cooperation and cultural ties," he told journalists after talks with Zapatero.
The Russian leader said Spain is a very important trade and economic partner for Russia.
"In the last period alone, trade turnover grew by a fourth reaching over $9 billion. And our task is to maintain this positive dynamic even with the understanding that this year will be difficult and possibly not that successful," he said.
