New Delhi:India and Russia decided to step up economic cooperation and intensify consultation. After the meeting in the Black Sea resort of Sochi between Prime Minister NarendraModi and Russian President Vladimir Putin on Monday both the leaders vowed to strengthen their relationship and work towards a strong multi-polar world in a day-long informal summit.

Modi said the “strategic partnership” between the two countries had grown into a “special privileged strategic partnership”, which was a “very big achievement” in itself. Modi and Putin also took a boat ride from Bocharev Creek to Olympic Park in Sochi after the meeting to have more time to discuss bilateral ties. The talks at Putin’s BocharovRuchei residence lasted for more than three hours.

“They agreed on the importance of building a multipolar world order. They decided to intensify consultation and coordination with each other, including on the Indo-Pacific Region,” the release said.

This is the first informal summit between the leaders, who meet once in every year for an annual summit. Both leaders agreed to institute a strategic economic dialogue between NITI Aayog of India and Russia’s ministry of economic development to identify greater synergy in trade and investment” the release said.

The leaders also reiterated the significance of longstanding partnership in the military, security and nuclear energy fields and welcomed the ongoing cooperation in these areas. Putin and Modi had “very intense” discussions on bilateral and global issues that would provide the guidelines for the development of strategic ties, Russian foreign minister Sergey Lavrov said.

“I am grateful to President Putin who invited me for an informal meeting and hence, in the long friendship of ours, this is a new aspect that has been attached to our relationship,” Modi said.