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The two leaders discussed, in particular, pressing issues of bilateral relations and integration within the framework of the Eurasian Economic Union.

On the previous day, Vladimir Putin and Nursultan Nazarbayev took part in the Fourth Caspian Summit in Astrakhan together with presidents of Azerbaijan, Iran and Turkmenistan.

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Beginning of meeting with President of Kazakhstan Nursultan Nazarbayev

President of Kazakhstan Nursultan Nazarbayev: Mr President, welcome to Atyrau — the oil region of Kazakhstan. Yesterday we had a very productive Caspian Summit in Astrakhan and made some very important decisions. Today we are taking part in the traditional Russia-Kazakhstan Interregional Cooperation Forum.

Atyrau borders on Russia, and 40 percent of our oil is produced here, in the Caspian plains. We have prepared some very good decisions for today and a number of agreements will be signed between our regions and ministries.

Relations between our countries are developing, we are moving towards the ratification of the agreement to develop the Eurasian Economic Union, which will become operational as of next year. In conditions of the general economic situation, trade between our two countries has somewhat slowed down. Our governments need to take the necessary measures.

I believe this is a temporary development, and our Customs Union, as well as the Eurasian Economic Union when it becomes fully operational, will be of great benefit for our nations.

I would like to welcome you and your delegation. I wish you health and success.

President of Russia Vladimir Putin: Thank you for your invitation, Mr President.

Only yesterday, you and I were taking part in the Caspian Summit, which truly was a great success. I would like to once again thank you and all your colleagues who made a significant contribution to the drafting of the documents that were signed yesterday and today – within the framework of regional cooperation. In a few days, we will meet in Minsk at the CIS summit.

This shows that Russia and Kazakhstan have historical ties, and today thousands of links hold us together, helping us develop, support each other and become more competitive. You have just mentioned our trade and economic ties. Last year we reached a record high of $28.5 billion, and trade grew by over 14 percent.

In the first six months of this year, there has been a slight decline due to the factors we will be discussing today – a certain decrease in oil and gas trade. However, apart from the oil and gas, this year we are seeing growth as well, and in the second quarter it has even stabilised.

You are certainly right in saying that we need to carefully follow economic developments in the world and in our countries and make the necessary adjustments. We can and will do so, largely thanks to your regular support and attention to integration on the post-Soviet space and to improving the quality of our cooperation.

I am certain that our meeting today, which has a very important theme – innovation in hydrocarbons, will serve as an additional impetus for our joint work and for the development of the most important branches of our economies.

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