The two leaders headed their respective sides at the talks held at the White House (Prime Minister House). The discussions covered all aspects of bilateral relations ranging from political, economic, security to cultural co-operation.
The Prime Minister thanked Russia for its support to Pakistan for getting observer status at the Shanghai Co-operation Organisation (SCO).
Shaukat Aziz said Russia was a major power in the world and could play critical role in fostering co-operation and peace in the region.
He expressed Pakistan's desire for expanding ties with Russia in multi-faceted fields.
Meanwhile, Speaking at an informal meeting with Russian President Valadimir Putin along with other SCO leaders, Shaukat Aziz noting importance of the SCO in promotion of peace, security and economic interaction, urged closer working of the private sectors for the benefit of the entire region.
He said Pakistan was delighted to be on this important grouping as an observer.
The Prime Minister identified security and economy as major areas for SCO activity that can help improve the quality of life of the people of member countries.
He said the geographical proximity of the member countries and the strategic importance of the region provides opportunities for the SCO to exploit regional potential in wide range of areas.
The Prime Minister underlined the need of exchanging and sharing experiences in policies and reforms to leverage full potential of the SCO.
He informed the SCO leaders that Pakistan had successfully implemented reforms in wide-ranging areas that resulted in robust growth in the country's economy, posting 8.4 percent growth last year.
Shaukat Aziz informed the leaders about Pakistan's quest for peace in the region and referred to the ongoing peace dialogue with India which, he hoped, would lead to resolution of all disputes including the decades-old occupied Kashmir issue.
On Iran's nuclear programme, the Prime Minister said that Pakistan was against the use of force and wanted the row to be settled through negotiations.
He said Pakistan was against nuclear proliferation in all its forms but added, every country has the right on the peaceful use of nuclear energy.
The Prime Minister also thanked the support of the SCO countries in October 8 earthquake relief and rescue efforts.
President Putin in his remarks endorsed Prime Minister Aziz's views on the need for enhancing co-operation among the private sector of the member countries.
Welcoming the observers in the grouping, President Putin said SCO was not a military forum, but was aimed at promoting peace and co-operation in the region.
He was also appreciative of the ongoing Pakistan-India peace process and said the Iran-Pakistan-India gas pipeline project needs to be driven by the needs of the participating countries.
Putin said that the SCO countries need to help Pakistan in the wake of devastating earthquake that caused huge loss of life and extensive damage to property.
He called for further improving the spirit of co-operation among the SCO member states, adding they also need to continue to work together in the war against terrorism so as to effectively combat this evil.