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During a two-hour discussion the G8 leaders discussed topical issues relating to the global economy. They also discussed climate change.

Russian President Vladimir Putin talked about all the issues on the agenda.

Vladimir Putin described Russia’s economic situation in detail and informed his colleagues about the country’s record economic growth rates. He also noted that positive trends are expected to predominate in 2007.

President Putin pointed out that the Russian and global economies are increasingly interdependent and emphasised that Russia’s economy is and will remain open, including in the energy sector.

Along with this Vladimir Putin emphasised that allegations that Russia is moving in the direction of a closed economy are nothing more than speculation. Vladimir Putin talked about the increasing number of foreign investments and noted that Russia is interested in such investments and will remain so in the future. The President also remarked that while investing in the Russian economy it is necessary to protect Russia’s interests and to abide by Russian law.

During the discussion on climate change Vladimir Putin emphasised the need for joint action after 2012, the date after which the Kyoto Protocol will no longer be in force. The President of Russia remarked that other major carbon dioxide emitting countries must be involved in these actions.

All participants in this morning’s meeting emphasised the global economy’s positive development along with their understanding that a certain imbalance exists and must be rectified. In this respect Vladimir Putin pointed out that while developed countries have increasing deficits Russia has the third largest reserves and amount of investments abroad.

Following the meeting the official photography session of the G8 heads of state and government took place.