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During restricted attendance talks Prime Minister Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan spoke about effective development of bilateral economic relations and emphasised the need to further diversify them

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Transcript of the beginning of the talks:

Vladimir Putin: Mr Prime Minister, friends, we are very happy to see you in Moscow.

In recent years we have established very good and effective business relations. In effect, the climate of interstate relations has greatly improved in the last few years.

Credit for this largely goes to you, Mr Prime Minister, and we are very glad to see our good friend in Moscow.

Regrettably, the global financial downturn has affected our economic relations. Our trade turnover almost reached $35 billion but, unfortunately, it fell by about 40%.

Nevertheless, Turkey remains one of Russia's biggest trade and economic partners, leaving behind both the United States and Britain. We have major joint projects in energy, telecommunications and other industries. Now our goal is to diversify our economic relations.

We will discuss all this today. We are very happy that you have accepted our invitation. Allow me to wish you a happy New Year.

Recep Tayyip Erdogan (as translated): Your Excellency, allow me to express my gratitude for this invitation on behalf of our entire delegation. I would like to thank you in particular for your hospitality.

In the last seven years our bilateral relations have been developing in an entirely new way. We have considerably diversified our military, economic and cultural cooperation.

I am especially encouraged by the fact that both sides are displaying the political will to develop these ties.

During your visit to Turkey in August, we agreed to raise our trade turnover to $100 billion in the next five years. This will be a good example to emulate for the rest of the world.

I see that both sides are prepared to work hard to reach this goal. Although the global financial downturn has negatively affected our relations, recently there have been changes for the better.

I'm confident that our intensive efforts will restore the previous figures very quickly.

Vladimir Putin: Thank you.

Recep Tayyip Erdogan: Thank you.