"The tightening of the global economy is certainly important issue affecting each of our countries. Each EurAsEC country is currently working on its own plan to deal with the financial crisis. And it is especially important that we coordinate our efforts and be ready to deal with the consequences of the crisis cooperatively."

"I note with satisfaction that our trade has been growing: last year it reached $1.2 billion and this year will approach two billion, or about $1.7 billion. Russian direct investments in the Kyrgyz economy have also been growing."

First Deputy Prime Minister Viktor Zubkov was elected Chairman of the Board.

“If the draft law that was submitted to the State Duma yesterday is approved, which I am certain of, we will develop a mechanism to reimburse the regions for the expenses they have incurred. The reimbursement funds will be received out of proceeds from placing the Housing and Utilities Fund’s resources on bank deposits,” Mr Kozak said.

In course of the conversation Vladimir Putin congratulated all Muslims on Kurban Bairam.

It was decided at the meeting to accept the proposal of the Agriculture and Industry and Trade Ministries to establish a state record system for produced and transported timber.

Mr Kudrin said that the meeting discussed anti-crisis measures and the state of the member-states’ economies.

At the same time, Mr Zhukov emphasized that the business community should also take part in funding education. “The Government will continue investing billions of roubles into innovations-based development, but we will expect businessmen to make a relevant contribution,” Mr Zhukov said. “In Russia, 80% of R&Ds are funded by the Government, and in Europe it is the other way round,” he noted.