"I would like to particularly note our joint plans regarding the implementation of the North-South project, which will allow us to reach the shores of the Indian Ocean and use these routes for mutual benefit, to mutual interest," Putin said after talks with Azerbaijani President Ilham Aliyev.
Russia and Azerbaijan are also starting to build tankers for transporting oil products, which will increase energy supplies to world markets, the president added.
Vladimir Putin said that he had discussed a wide range of bilateral relations between Moscow and Baku with Azerbaijani President Ilham Aliyev.
"During the negotiations that took place, we discussed in detail and in a businesslike manner the widest range of issues of our cooperation," Putin said following talks with Aliyev in Baku, adding that they also discussed international agenda and special attention was paid to increasing mutual trade between the countries.
The joint statement by the leaders of Russia and Azerbaijan following the talks contains large-scale tasks for the further development of relations, the Russian leader said.
Azerbaijani President Ilham Aliyev said that he had discussed in detail with Russian President Vladimir Putin issues of trade and economic relations.
"Today we discussed in detail a wide range of interstate relations ... We analyzed in detail issues related to trade and economic relations. The growth of trade turnover both last year and for the first six months of this year indicates great potential for cooperation," Aliyev said following talks with Putin.
The president said that they had also discussed in detail the implementation of the International North–South Transport Corridor, adding that the possibility of transporting cargo along the North-South corridor from 15 million tonnes and above is being discussed.
Aliyev expressed confident that Russia and Azerbaijan will continue to coordinate activities in the energy sector.
"The documents adopted today, including, first and foremost, the joint declaration of the presidents, once again confirm the friendly and allied nature of our relations ... Our countries act as allies, as friends, as close partners," Aliyev added.
Additionally, the president said that the stability and security of the entire South Caucasus region largely depends on close cooperation between Azerbaijan and Russia.