Yerevan/Mediamax/. Russian President Vladimir Putin said that Moscow and Yerevan face the issue of working out a plan for developing relations in the economy sphere till 2020.

RBK reports that the Russian President said this in Moscow during the meeting with his Armenian counterpart Serzh Sargsyan today. Vladimir Putin said that the task is given to the Armenian-Russian Intergovernmental Commission which next session is going to be held in autumn 2012.

According to Putin, Russian-Armenian economic ties develop "quite well" - over 2011, the trade turnover made USD 1bln and the growth of the index made 32% as of the first half-year. In his turn, Serzh Sargsyan expressed the opinion that within next 2-3 years, the trade turnover between Russia and Armenia may be doubled or even tripled.

The Armenian President noted that military and military-technical cooperation between the two countries is revving up. He recalled that the terms of stay of the Russian military base in Armenia were prolonged in 2010. 

"We think the stay of the Russian military base in Armenia is within the interests of our security", said Serzh Sargsyan adding that Armenia will host CSTO exercises in autumn.