The two leaders agreed that the Russian-Thai Intergovernmental Commission on Economic Cooperation would meet at the beginning of 2006.
Mr Putin and Mr Shinawatra also briefly discussed military-technical cooperation and joint projects in the energy sector.
Mr Shinawatra invited Mr Putin to visit Thailand in 2006.
An agreement on strategic cooperation between OAO Gazprom, Vnesheconombank and Thai company PTT Public Company Limited was also signed in the presence of Mr Putin and Mr Shinawatra.
The agreement aims at developing Russian-Thai cooperation in the fuel and energy sector. Under the agreement, Gazprom and PTT, with the participation of Vnesheconombank, will carry out major joint projects in the oil and gas sectors in Thailand, Russia and in third countries. The companies will cooperate in carrying out exploration and prospecting work, the transport and sale of natural gas, oil and other energy sources and the construction of pipelines, oil and gas storage facilities and distribution networks.