Russian President Dmitry Medvedev on Wednesday called for the establishment of a new global security and financial mechanism to tackle the ongoing financial crisis, Interfax reported.
"These are problems related to the financial crisis...the need to build a new security architecture...and a new financial architecture...is really necessary in today's world," Medvedev said during talks with visiting Argentine President Cristina Fernandez de Kirchner at the Kremlin.
Both leaders agreed that international financial institutions should be reformed so that they can act more promptly and efficiently, according to a joint statement issued after the talks.
The two presidents pledged to facilitate the implementation of the Declaration on Financial Markets and the World Economy, which was adopted at the summit of major global economic leaders in Washington last month.
Argentina and Russia also share similar views on major political issues, Kirchner said.
"Both Argentina and Russia are convinced that the world should be built on the basis of multi-polarity. The unipolar world that emerged in 1989 did not lead many countries to positive solutions either in the economic or security areas," she said.
Russia and Argentina have strengthened bilateral political relations and economic cooperation in recent years.
Bilateral trade has grown five-fold in the past four years to nearly 1.5 billion U.S. dollars, according to Russian official statistics.
Kirchner also met Russian Prime Minister Vladimir Putin on Tuesday. Putin said the two countries would strengthen bilateral cooperation in nuclear energy, space and other high-tech sectors.