Transcript of the beginning of the meeting:

Мicheline Calmy-Rey (via interpreter): Mr Prime Minister, it is a great honour for me to welcome you to Geneva, all the more so since this is my home city. This is why I’m very happy to see you here. I am also pleased to note that the number of top-level meetings between Switzerland and Russia has increased over the past few years.

I’d like to say that we have signed a memorandum of understanding in Moscow and can now make this a foundation of our relations.

Speaking about our bilateral relations, I’d like to mention that we represent Georgia’s interests in Russia and Russia’s interests in Georgia. Switzerland has also received a mandate for helping Russia join the World Trade Organisation (WTO). I’d like to thank you for this because for me this is a special sign of trust.

As concerns our bilateral relations, primarily economic relations: the results are excellent. Swiss exports to Russia have increased by 26% and Swiss imports from Russia have also grown – by 41% last year. The amount of Swiss investment in Russia has totalled 6.2 billion Swiss francs. Similarly, we can say that Russia invests in Switzerland, as the amount of its investment has reached four billion Swiss francs. We are going to develop these wonderful relations.

Since January we have been holding talks on a free trade agreement, in particular, within the European Free Trade Association (EFTA). These talks, which are already underway, are very productive for both sides. I’m pleased to note all such achievements. Thank you.

Vladimir Putin: I remember our last meeting in 2007, and I am very pleased to see you again. I’m also happy to meet you in your home city, Geneva, which is playing host to a major international event to mark the 100^th anniversary of the International Labour Organisation.

Indeed, our bilateral relations are on the upswing. We regret the need to build relations with Georgia with Swiss mediation, but we are grateful for your help. Let me repeat that our bilateral relations are expanding. However, there is some discrepancy between our figures. I will quote them in dollars rather than Swiss francs. According to our statistics, our trade grew by 36% last year, and by another 30% from last year’s total in the first quarter of this year. Here our figures are somewhat similar but they are different on the mutual investment level. Switzerland has invested a little more than five billion dollars (about $5.4 billion) in Russia while Russia has invested more in the Swiss economy – $7.8 billion. But this is not so important after all. What is important is for our governments to create the best possible conditions for investment, for the movement of capital in both directions. To achieve this we must use our intergovernmental commission and the business council consisting of representatives of the leading Russian and Swiss companies. In any event, we are very pleased about this positive development and will do all we can to maintain this tempo and quality.

* * *

After completing talks with Swiss President Micheline Calmy-Rey, Prime Minister Vladimir Putin met with former UN Secretary General Kofi Annan.