MOSCOW. - Minister of Economic Development and Investments of Armenia, Suren Karayan, and Minister of Trade and Industry of Russia, Denis Manturov, signed a memorandum of cooperation in Moscow on Wednesday. The document, which was signed in the presence of Prime Minister of Armenia Karen Karapetyan and his Russian counterpart Dmitry Medvedev, is aimed at the deepening of the Armenian-Russian cooperation in the spheres of industry and trade.

Under this memorandum, the sides will work out actions aimed at increasing the volumes of trade between Armenia and Russia, structure improvement, increase and diversification of the share of traditional, as well as high tech and innovative production in mutual trade.

Furthermore, the memorandum provides for setting up a working group for the purpose of developing the road map aimed at expanding and deepening the cooperation between the subjects carrying out activity in the sphere of industry of Armenia and Russia.

Minister Suren Karayan and Minister of Economic Development of Russia Maxim Oreshkin, also signed another document on the program of inter-territorial cooperation for 2016-2021, which stipulates implementation of joint projects, establishment of joint competitive enterprises, etc.