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The presidents of Russia and Turkey had an in-depth exchange on the full range of Russian-Turkish relations, including the progress of joint strategic projects in energy, defence and the humanitarian field, and on current regional and international issues.

Signed documents in various fields were exchanged in the presence of the heads of state. An agreement was signed between the Russian Direct Investment Fund and the Turkey Wealth Fund establishing a Russian-Turkish investment fund with 900 million euros in joint reserved capital.

Another two documents relate to mutual understanding on a programme for accelerated patent processing between the respective departments of the two countries, as well as cooperation in the field of standardisation.

Vladimir Putin and Recep Tayyip Erdogan made press statements and took questions from reporters.

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Beginning of Russian-Turkish talks

President of Russia Vladimir Putin: Mr President, friends,

We are pleased to welcome you to Moscow and today we will open the 8^th meeting of the High-Level Russian-Turkish Cooperation Council.

We will listen to our colleagues who are responsible for various cooperation tracks. We will discuss bilateral relations and humanitarian contacts and we will meet and talk with representatives of the business community. In the evening, the Russian-Turkish Cross Year of Culture will be launched.

We are witnessing and confirming a good level of development in our relations, with trade growing by 15 percent, its overall volume at $25 billion.

Major projects are being implemented: the Akkuyu power station, which we are to launch by 2023 in accordance with Turkey’s wishes, and the Turkish Stream pipeline with its onshore and offshore legs recently connected.

We are cooperating in many spheres of international relations, including good contacts through the Foreign Ministry, the Defence Ministry, and military technical cooperation.

We have a large set of issues to discuss and address.

We are very happy to see you. Welcome.

President of Turkey Recep Tayyip Erdogan (retranslated): Mr President,

First of all, I would like to note that we are here for the 8^th meeting of the High-Level Cooperation Council. We will have meetings on political, economic, trade, military and industrial issues. I hope that we will also discuss both regional and international issues.

Today our countries will sign three agreements. We will take another step forward for the future of our countries.

As you noted, Mr President, our mutual trade has grown by 15 percent. You and I have now set a new benchmark for our trade relations: to achieve the $100 billion mark.

First of all, I would also like to mention the Turkish Stream. Indeed, the construction of its offshore section has been completed. The onshore part is being laid as planned. We are to finish the construction of this part on time.

Another important part of our cooperation is jointly continuing the fight against terrorist groups that pose a threat to our region. This is especially true of the steps that we have already taken and will be taking on the Syrian track. I believe that today's meeting of the High-Level Cooperation Council is of great importance in this context.

Undoubtedly, during these meetings contacts between our ministers will also continue throughout the day. We will give an assessment to these contacts and thus complete our meeting today.

(Speaks in Russian.) Thank you.