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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Russia, China seal trade ties with $3.5 bln in deals AFP - Wednesday, October 14 Send IM Story Print BEIJING (AFP) - – China and Russia on Tuesday cemented their burgeoning trade relationship with billions of dollars in new deals as Prime Minister Vladimir Putin met his Chinese counterpart Wen Jiabao. Putin, who arrived late on Monday, was also due to meet President Hu Jintao as the two countries seek closer ties, and attend a summit of the Shanghai Cooperation Organisation, a regional security grouping, during his visit. It is the Russian leader's first trip to China since he took over as prime minister last year, although he visited four times previously as president. Wen greeted Putin at the Great Hall of the People on Tiananmen Square in a formal welcome ceremony before the closed-doors talks, Chinese state media said. The leaders will sign several agreements, officials said, including one committing each country to notifying the other of the launch of ballistic missiles from its territory. The head of Russian gas giant Gazprom, Alexei Miller, said a massive gas deal would be signed in the presence of Wen and Putin that would see 70 billion cubic metres of natural gas sent to China annually. "A framework agreement has been initialled. This document will be signed today," Miller said. "It will be a long-term contract, about 70 billion cubic metres" of gas annually, he said. He did not reveal financial details for what he termed the "long-term contract". About 40 economic deals worth around 3.5 billion dollars were signed early on Tuesday ahead of the Wen-Putin talks, Russian Deputy Prime Minister Alexander Zhukov told reporters. Zhukov gave few details but said the deals included financing arrangements between Russian and Chinese banks, adding that more agreements would be sealed between Putin and Wen. "I think a meeting between the two premiers will be successful. A whole number of very serious intergovernmental agreements will be signed," he said, without offering specifics on those deals. The Russian government said earlier that other agreements to be struck include a memorandum of understanding on developing high-speed train travel on Russian territory. Despite a rocky Cold War relationship, Sino-Russian ties have grown markedly since the collapse of the former Soviet Union, with Russian energy and military sales driving the relationship. Bilateral trade between the giants grew to more than 56 billion dollars in 2008 -- more than 2.5 times the volume of 21 billion dollars in 2004, according to the latest figures from the Chinese commerce ministry. "Besides deepening the strategic political partnership, Putin's visit will certainly advance bilateral cooperation in energy," Shi Yajun, an expert on Sino-Russian relations at the East China Normal University told AFP. Russia has been watching China's growing economic and political might with a mixture of awe and unease. However, in a message on communist China's 60th birthday on October 1, Putin and Russian President Dmitry Medvedev hailed Moscow's "strategic partnership" with Beijing, a term usually reserved for its closest allies and friends. During Putin's visit, the two nations -- both permanent members of the UN Security Council -- are also expected to coordinate international diplomacy, especially how to respond over the Iranian and North Korean nuclear programmes. On Wednesday, Putin will attend a heads of government meeting of the Shanghai Cooperation Organisation, a group dominated by China and Russia that has been touted as a counterweight to Western-led institutions. Moscow has said an "important document" could be adopted at the meeting on joint efforts to combat the effects of the global financial crisis. The SCO also includes four ex-Soviet Central Asian countries -- Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan -- while India, Iran, Mongolia and Pakistan have observer status. Recommend Send IM Story Print Related Articles India's Suzlon finishes retrofit of wind blades Reuters - Tuesday, October 13 Philippines to borrow more for typhoon relief Reuters - Wednesday, October 14 Bank of America to give up Merrill deal documents AP - Tuesday, October 13 China's Vanke says Sept sales up 27 pct on year Reuters - Tuesday, October 13 Ball Corp. selling plant in Georgia to BWAY Corp. AP - Tuesday, October 13 News Search Top Stories Gold hits record high close to $1,064 UK 'on brink' of exiting recession: business body Heidi Klum announces birth of fourth child Russia, China seal trade ties with $3.5 bln in deals Opel deal to be signed on Thursday: report More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended First woman wins Nobel Economics Prize White House targets Fox as it goes after press critics Britain unveils huge asset sale to cut debt US recession over, but employment will lag: survey Dollar facing 'power-shift': analysts More Most Viewed » Oldest hominid skeleton sheds light on human origins Boyzone singer Gately dies in Spain More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! 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