Turkey and Russia have signed fresh documents in a bid to boost already growing economic, energy and trade ties, reiterating their ambitious mutual target to augment the bilateral trade volume to $100 billion by 2020.

Visiting Russian President Vladimir Putin announced on Monday that Russia will give a six percent discount on natural gas for exports to Turkey starting from Jan. 1, 2015.

Putin made the announcement at a joint press conference after his talks with President Recep Tayyip Erdogan at new Presidential Palace in the Turkish capital of Ankara.

Putin said that Turkey is Russia’s second best trade partner after Germany, adding that “regarding our energy cooperation with our Turkish partners, we will make a six percent discount from January 1.”

The Russian president warned that the project to build the South Stream Offshore Pipeline, which was already approved by Turkey as a transit country, could be cancelled, if Bulgaria, its destination country, keeps failing to give the final approval.

For his part, Erdogan said Putin’s visit to Turkey shows the progress of the relations between Turkey and Russia, adding that “our political will to increase our trade volume to 100 billion U.S. dollars is still valid.”

Turkey and Russia have signed fresh documents in a bid to boost already growing economic, energy and trade ties, reiterating their mutual ambitious target of augmenting the trade volume to 100 billion U.S. dollars by the year of 2023.

Erdogan and Putin held the 5th meeting of the Turkey-Russia High-Level Cooperation Council, producing key agreements in the fields of energy, banking, industry, nuclear energy training, justice and trade, in line with both sides’ intention to strengthen and diversify economic ties.