Russia and Israel are planning to sign a free trade agreement that will allow for the establishment of joint ventures in the high-tech and agriculture sectors, the Russian news agency TASS reported Friday.

Both Israeli Agriculture Minister Uri Ariel and Russian Deputy Agriculture Minister Sergey Levin confirmed that the agreement is expected to be finalized.

“We’ve discussed the prospects of forming a free trade zone, which the government plans to put on paper within the shortest period of time,” Levin said.

Israel officials told Ma’ariv that Ariel visited Russia with Member of Knesset Yoel Razvozov (Yesh Atid), who together with Israeli Ambassador to Russia Zvi Heifetz met with Kremlin officials—among them Russia’s deputy prime minister, Arkady Dvorkovich—to discuss the agreement.

Representatives from both sides also discussed pension payments by the Russian government to Israeli citizens who had immigrated to the Jewish state from the former Soviet Union.

(Source: JNS.org)