Russian President Vladimir Putin on Sunday ratified an intergovernmental agreement between Russia and Armenia on cooperation in exploration and use of outer space, the respective document was published on the government's official information portal on Sunday.

Axar.az reports citing Sputnik.

The joint activities stipulated by the agreement include commercial cooperation in exploring space and using equipment and technologies as well as attracting additional off-budget funding into national space industry. Specific terms and financial commitments of the programs and projects within the bilateral cooperation will be defined in separate contracts and deals.

The agreement was signed in Armenia’s capital city of Yerevan on April 7, 2016, and ratified by the Russia's State Duma and Federation Council on July 20 and 25, respectively.

It was earlier reported that the Eurasian Economic Union (EAEU) plans to create a joint remote earth sensing system by integrating member states' satellites in 2019.

The EAEU is a regional political and economic bloc that aims to optimize the flow of goods and services between its members. Its current member states are Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.