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Mr Kim opened the negotiations by praising Russia’s efforts to establish peace and stability on the Korean Peninsula and expressing his gratitude to the Russian leadership.

In turn, Mr Putin pointed to the successful development of bilateral ties, stressing that a great deal had been achieved in the ten years since Russia and South Korea established diplomatic relations. He emphasised the Korean President’s personal contribution to that process.

A wide range of bilateral and some current international issues were discussed at the negotiations, the most important of which was finding a peaceful solution to the Korean conflict.

At the end of the meeting, Mr Putin and Mr Kim adopted a joint statement expressing their intention to implement a Russian-Korean industrial complex project in the Nakhodka free economic zone as soon as possible. They also agreed to cooperate closely in promoting the Irkutsk (Kovykta) gas project and continue consultations on issues of mutual interest, such as South Korea’s participation in the development of oil and gas fields on Sakhalin and in other Russian regions.

The two leaders expressed their support for the 1972 ABM Treaty, the enactment and implementation of START-II and adoption of START-III.

The Presidents said they were in favour of finding a solution as soon as possible to problems created by the development, export and deployment of missiles on the Korean Peninsula. Russia and Korea agreed to continue their consultations, especially through the IAEA, about matters related to the Russian President’s energy proposal, which offered suggestions for powering the planet’s sustainable development, protecting the environment and guaranteeing the non-proliferation of nuclear weapons.

This statement underscores the need for the strict observance of the 1992 Joint Declaration on the Denuclearisation of the Korean Peninsula and the 1994 Geneva framework agreement aimed at eliminating the nuclear threat on the Korean Peninsula.

After the negotiations, the Presidents addressed a news conference.