Mongolia and Russia signed an agreement on Thursday, mapping out medium-term relations between the two countries.

Russian Foreign Minister Sergei Lavrov and his Mongolian counterpart, Lundeg Purevsuren, signed the document, which covers economy, finance, law and other fields.

Mongolian President Tsakhiagiin Elbegdorj praised the agreement, saying it would bring bilateral friendly relations and cooperation to a new level.

The two sides also reaffirmed their commitment on the China-Mongolia-Russia economic corridor project.

Leaders of the three countries may reach an agreement on the construction of the economic corridor during this year's Shanghai Cooperation Organization summit, Lavrov said.

Lavrov will travel on to Japan and China after a one-day stop in Ulan Bator. Lavrov is the first Russian foreign minister to visit Mongolia in a decade.

Source: Xinhua