MOSCOW, July 30. /TASS/. Russian Economic Development Minister Maxim Reshetnikov and Mauritania's Minister of Economy and Development Abdallahi Sheikh Sidiya have signed a memorandum of understanding, the Russian ministry reported.

The document lays the foundation for an interdepartmental consultation mechanism to drive economic and investment cooperation between the two nations. It also aims to boost bilateral trade and establish a systematic exchange of economic and investment data.

The Russian Economic Development Ministry plans to use the consultation mechanism to coordinate joint actions and facilitate regular dialogue between business communities, chambers of commerce, and investment institutions.

According to the ministry, bilateral trade continues to grow steadily. In 2025, trade turnover rose 24% year-on-year, with Russian exports up 23% and imports up 33%. Fertilizers, oil, and petroleum products comprised the bulk of Russian exports, while fish remained the primary import. This upward trend persists into this year, with mutual trade surging 66% in January-April 2026, driven primarily by the resumption of Russian dairy exports and increased fish supplies.

"We see boosting and diversifying Russian-Mauritanian trade as our key short-term objective. Agriculture, geological exploration, mining, electric power, and fisheries represent promising areas for bilateral cooperation," Reshetnikov said.

The sides focused closely on fisheries cooperation, a mutually beneficial partnership spanning over 50 years.

"Moving forward, we intend to discuss specific projects in fisheries, geology, subsoil use, and other sectors of mutual interest. We are keen on expanding cooperation with Russia and hope that the new mechanism, driven by the joint work of the two co-chairs, will help us achieve many of our goals," Abdallahi Sheikh Sidiya said.