The five-page `Declaration on Strategic Partnership,' signed by visiting Russian President Vladimir Putin and Indian Prime Minister Atal Bihari Vajpaye here on Tuesday, envisages elevation of bilateral and multi-faceted ties to an ``even higher and qualitatively new level.''

In addition to the declaration on strategic partnership, India and Russia signed ten agreements for increasing cooperation in various fields including political, trade, science and technology, agriculture, postal communication, cultural and legal relations.

The strategic declaration, said Mr Vajpayee, while addressing the joint press conference with visiting Mr Putin, would elevate the ties between the two countries to a different level.

Mr Vajpayee said: ``Summit level meetings, closer cooperation at the United Nations and joint initiative on key international and regional issues would take place on regular basis and this would help streghthen the close cooperation between the two countries.'' As a clarification to a query, Mr Vajpayee said that the declaration was not directed against any third country. Both leaders expressed dissatisfaction at the level of trade between the two countries, with Mr Vajpayee stating that it did not commensurate with the excellent bilateral ties the nations shared.

Mr Putin said the trade turnover was in the range of US $1.6 billion annually. ``I will not put a figure but it will increase considerably by the end of the year'', he added. Mr Vajpayee said that during their discussions it was agreed to upgrade the military cooperation and that the Indo-Russian Inter-Governmental Commission would be chaired by defence minsiters of the two countries.