The Association of Southeast Asia Nations (ASEAN) and Russia Monday signed an economic pact in a move to establish a favorable climate for furthering cooperation.
ASEAN and Russia said in a statement here that they would undertake a comprehensive dialogue and promote cooperation in all sectors of mutual interest.
Under the agreement, all sides are expected to facilitate the exchange of information regarding trade and investment, joint studies on economic issues, and trade and investment promotion activities.
Among sectors of cooperation are small and medium-sized enterprises (SMEs), science and technology, energy, mineral resources utilization, transport, environment, sports and culture.
It was also decided to set up an ASEAN-Russian Federation Dialogue Partnership Financial Fund for further economic cooperation.
All members of the talks have entrusted the ASEAN-Russian Federation Joint Cooperation Committee to oversee the implementation of the pact, the statement said.
The pact would remain in force for an initial period of five years and would be automatically extended for successive periods of five years, Xinhua reports.