Russian President Vladimir Putin and Venezuelan President Hugo Chavez discussed trade and economic issues - as well as arms sales - during a meeting in Moscow Friday.

Mr. Putin and Mr. Chavez signed an agreement announcing Venezuela's support of Russia's bid to join the World Trade Organization. The two leaders also discussed a joint energy production project.

Officials from Russian's Lukoil company and Venezuela's state-owned PDVSA oil company signed a memorandum of understanding on a joint oil exploration venture in Venezuela.

Mr. Chavez said Caracas will buy 40 military helicopters and 100,000 submachine guns from Moscow.

Some information for this report provided by AFP and AP.