President Vladimir Putin’s historic visit to Australia during APEC Leaders Week, the first by a Russian head of state, has delivered a significant boost for Australia’s trade relationship with Russia.

Austrade’s Moscow-based Senior Trade Commissioner Dan Tebbutt said substantial outcomes were delivered for Australian exporters in a wide range of industries, with 60 high-level business meetings held between Australian organisations and visiting Russian business leaders.

On Sunday 9 September President Putin oversaw the signing of an agreement between Macquarie Bank and Russia’s Vnesheconombank (VEB), as well as a landmark deal between the Commonwealth Bank and VTB Bank, Russia’s third-largest bank. The agreements will increase financial sector collaboration and assist in developing financial markets and infrastructure in Russia.

"These high-level deals show increasing confidence in the rapidly growing trading relationship with Russia.

President Putin’s visit represents an important step in enhancing Australia’s exports to Europe’s largest emerging economy," Mr Tebbutt said.

A memorandum of understanding was also signed by Australia’s Export Finance and Insurance Corporation (EFIC) and Vnesheconombank (VEB), an agreement designed to help foster greater commercial engagement between both countries’ business communities.