Arctic coastal states agreed to work more closely to map the Arctic seabed, regulate polar shipping, respond to accidents and safeguard the region's fragile environment.
Canadian Foreign Affairs Minister Lawrence Cannon told a press conference the delegates from five nations had agreed on the need for "deepening cooperation" in the Arctic.
"We are not reacting to change but shaping it," Mr Cannon said.
In the light of the prospect of increased shipping in the region, Canada, the US, Russia, Denmark and Norway also placed a "high priority" on the adoption of a "mandatory regime for shipping in polar waters," he said.
He said coastal states reiterated their commitment to ensuring "an orderly resolution of any possible overlapping claims."
At present, Canada and the US are negotiating territorial disputes in the Beaufort Sea, while Russia and Norway hash out claims in the Barents Sea. Both areas are rich in hydrocarbons.
Mr Cannon hosted his counterparts from the US, Russia, Denmark and Norway for the half-day summit to address the race to mine the area's rich resources.
As the Arctic sea ice melts away, companies are lining up to drill for oil and gas, and ship builders are readying fleets to navigate a shorter northern route connecting Asia and Europe.
But, Mr Cannon said, the five coastal nations were committed to implementing Arctic offshore oil and gas guidelines previously released by the Arctic Council, "to protect the Arctic marine environment."
He also addressed concerns from other countries and indigenous peoples who were not invited to the meeting saying the talks had reaffirmed the Arctic Council as the main forum for discussions on the region.
US Secretary of State Hillary Clinton earlier suggested that indigenous peoples, as well as Iceland, Sweden and Finland, "who have legitimate interests in the region" should have been invited to the conference.
"We need all hands on deck because there is a huge amount to do, and not much time to do it," the top US diplomat warned.
"What happens in the Arctic will have broad consequences for the earth and its climate. The melting of sea ice, glaciers, and permafrost will affect people and ecosystems around the world," she said.
Some critics had expressed concerns that the five Arctic coastal states were forming an "inner core" outside the main intergovernmental group of Arctic states and Inuit groups that meet biannually.
"This meeting was not made to replace or undermine the Arctic Council," Cannon told reporters.
But the five nations have "certain responsibilities," such as search and rescue, that are outside of this framework which needed to be addressed, he explained.