Samarkand, Sep 15 (IANS): Economic cooperation between Russia and China will continue to strengthen, reaching new heights in the near future, President Vladimir Putin said on Thursday at the Shanghai Cooperation Organisation (SCO) summit while meeting with China's leader, Xi Jinping, RT reported.

"Multifaceted ties between our countries are actively developing. Last year, the trade turnover increased by 35 per cent and exceeded $140 billion," Putin said, adding that in the first seven months of this year, the volume of mutual trade grew by another 25 per cent.

"I am convinced that by the end of the year, we will reach new record levels, and in the near future, as agreed, we will increase the annual trade turnover to $200 billion or more," he added, RT reported.

Last month, Beijing's ambassador to Moscow expressed hope that Russia-China trade could reach the targeted milestone of $200 billion this year.

He pointed out that economic cooperation between the two nations shows excellent results and sustainable development, despite the challenges associated with the Covid-19 pandemic, the global economic downturn, and difficult international and regional situations.

Vladimir Putin has thanked President Xi Jinping for China's "balanced position" on Ukraine, in their first face-to-face talks since Russia invaded the country, BBC reported.

The Russian leader met his counterpart at a summit in Samarkand, Uzbekistan, where he condemned "attempts to create a unipolar world".

Xi said China was willing to work together with Russia as "great powers", BBC reported.

China hasn't endorsed Russia's invasion but has steadily grown trade and other ties with Moscow since it was launched.