Transcript of the beginning of the meeting:

Vladimir Putin: Mr Azarov, colleagues. I am glad for this opportunity to discuss our bilateral relations, even though we have already worked very thoroughly on this within the framework of the Commonwealth of Independent States, and have achieved a result that is probably unexpected for many of us: we have signed the Treaty on the Zone of Free Trade.

As for our bilateral trade and economic relations, they are developing at what I would call an accelerated rate. Last year, our trade grew by 63%, and in the first seven and a half months of this year it shot up by another 47%. Our trade turnover during the first six months [of this year] amounted to $33 billion. If we continue at this pace, we will reach the $50-billion mark by the end of the year, which is substantially higher even than our pre-crisis levels. In general, this is a very good indicator.

Last year, Russian investments in Ukraine totaled about $1.1 billion while Ukrainian investments in Russia are approaching $200 million. Both sides could have done better, of course, but in general, this is not a bad result either. In its trade with Russia, Ukraine has emerged in fifth place (or fourth, as my colleagues are indicating). The only countries that are ahead of Ukraine are China, The Netherlands, and Germany. In terms of our trade and economic relations, you have outpaced such countries as Italy, France and the United States. In general, allow me to repeat once more, this is a very good indicator that speaks to the fact that we are on the right path. I hope that we will discuss issues of mutual interest today.

Mykola Azarov: Thank you, Mr. Putin. First of all, I would like to thank you for the wonderful organisation of this meeting in this splendid palace, for your hospitality, and for your constructive approach. We did indeed make a breakthrough earlier today, in signing the Treaty on the Zone of Free Trade. The Commonwealth countries have been working on this problem for many years, but, regrettably, without any success. But today, we managed to get it done. Internal government procedures and ratifications are due to follow, but I hope that the political will of our countries’ leaders will make it possible to implement these procedures and the treaty will go into effect in January of next year.

I agree with your assessment that our relations have been developing dynamically and have been given a powerful impetus. The joint projects that we coordinated a year and a half ago are now being implemented. At the same time, there are a number of issues that require discussion. There are certain difficult issues for which we must consistently seek solutions. It is not that they worry us [excessively], but resolving them would make it possible to accelerate and energise our relations to an even greater extent. In general, I would like to state once again that we are satisfied with our relationship, and I’d like to point once again to their constructive nature. Therefore, I hope that our meeting today will enable us to continue moving in the direction that our countries need.

Vladimir Putin: Good. We will continue accelerating, and we will resolve these important issues. We'll be sure of it.