At the St. Petersburg Summit in May 2003, the EU and Russia agreed to reinforce their cooperation by creating in the long term four ‘common spaces’ in the framework of the Partnership and Cooperation Agreement and on the basis of common values and shared interests. These cover the following issues:
The Moscow Summit in May 2005 agreed developed the instruments to put these common spaces into effect. These “road maps” set out specific objectives, and specify the actions required.
Read more about EU-Russia economic relations at: http://ec.europa.eu/trade/issues/bilateral/countries/russia/index_en.htm.