Transcript of the start of the meeting:

Alexander Lukashenko:  Mr Putin, welcome to Belarus. We have already exchanged some impressions of recent events. I think two months have elapsed since our last meeting.

There are some problems which we must discuss. They are primarily linked with the global financial crisis, which regrettably, has not bypassed us. It has come to us from the outside, but we have to deal with it. I hope we will also discuss a package of issues involving politics and our joint defence within the Union state.

I will be happy if we find ways of moving forward during our conversation and joint meeting of the Council of Ministers. As far as I know, we have 22 items on the agenda. This is a big agenda and the items are serious.

Thank you for arriving here with a big delegation of relevant people. I think that our meeting in Minsk will be as productive and useful as always.

Vladimir Putin: Thank you very much, Mr Lukashenko.

I would like to start our meeting by congratulating you on the selection of Minsk as the venue for the World Hockey Championship in 2014. I think this is good news for all hockey fans in Belarus and Russia, all the more so since you like this sport yourself.

I am particularly pleased to note that this championship will take place in the same year as the Olympics in Sochi, where Belarus is going to co-invest in the construction of a sports facility, which we intend to use jointly after the Games. Despite all the crisis-related issues, this is a positive signal indicating that we are all looking into the future and that we will overcome the crisis.

Indeed, there are many current issues we must discuss. I think we have managed to accomplish a solution to the main issue, notably, reduce the rate of the decline in our trade. Our trade is impressive. Last year, it was $34 billion. As all other economies in the world, we are affected by the crisis. Nevertheless, we have managed to counter a reduction in trade with a concerted effort.

Today, with our colleagues, we will consider what can be done not only to reduce the rates of decline in trade but to build it up.