Canada's three northern territories are poised to cash in on the Vancouver Olympics after signing a deal with the organizing committee to work more closely on the 2010 international event.

The agreement was signed by the territorial sports ministers and the Olympic committee last week in Whitehorse, where they had gathered for the opening of the Canada Winter Games.

The memorandum of understanding says the territories and the Olympic committee will explore opportunities to work together on the Olympics.

Nunavut Sports Minister Louis Tapardjuk says the deal opens up many possibilities for his territory, including having a northern cultural delegation which could perform in Vancouver.

"2010 is going to help Nunavut in the sense that it's going to help promote tourism," Tapardjuk said.

"We have so much to offer and it's barely well-known throughout the world, so we would like to take that opportunity."

Vancouver Olympic committee CEO John Furlong says his group is committed to showcasing the North during the event.

He pointed to Vancouver's use of an Inuit Inukshuk as its Olympic logo as proof of the committee's interest in involving northern Canada.