Trade cooperation between Russia and Ukraine requires urgent intervention, and the work should be coordinated with other CIS countries, Ukrainian President Viktor Yanukovych has said.

"It [the situation in trade] currently requires urgent intervention. I think that in the short term we will have to coordinate this work not only between our two countries - Russia and Ukraine, but also with other CIS countries, in order to ensure that a free trade area could work in full," he said at a meeting with Russian President Vladimir Putin.

He said that Ukrainian enterprises had started losing the volume of trade and are in a difficult economic situation.

"The agreements that have been prepared and the measures that we will take in the near future will allow us to significantly improve the situation in the near future," Yanukovych said, adding that in certain industries it is necessary to take crucial decisions, in particular, create joint ventures.