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President Vladimir Putin: Mr President, I’m very glad to be talking to you in this format, though we have been working together all day. Yes, I know that you have questions regarding bilateral relations. I would be pleased to discuss them.

Alejandro Toledo: Mr President, I would first like to thank you for this opportunity to meet so late at night.

Secondly, I’d like to ask you a multilateral question. I am chairman of the Andean community. We are currently negotiating your association with the Andean community. We have struck a strategic alliance with Brazil and my friend President Lula. We are closely following the situation in Russia. Despite the distance, the technological progress brings the world closer, and in particular, our continent and Russia. But business volume between our countries is too small.

I am not complaining, I talking about our potential, above all, the potential of investment co-operation. It is one of the ways for our peoples to get to know each other better, to know their national identity, with mutual respect for our cultural differences. With this approach of Latin America looking for co-operation with Russia and Asian nations, I want to tell you, Mr President, that my government has decided to recognise Russia’s economy as market economy. I am ready to announce this tonight or tomorrow.

Vladimir Putin: Thank you, Mr President. I think that this will further encourage our ties. We are seriously interested in bilateral relations with many Latin American countries and in unification, including with MERCOSUR nations.