MOSCOW, June 5 -- TANZANIA and Russia are in the final stages of negotiations on a framework that will allow bilateral trade to be settled in local currencies, a move aimed at reducing transaction costs, improving payment efficiency and strengthening economic ties between the two countries.

The agreement will enable businesses to conduct transactions in Tanzanian shillings and Russian rubles, reducing reliance on third-country currencies for trade settlements.

Minister of State in the Presidents Office (Planning and Investment), Professor Kitila Mkumbo, disclosed the development on Thursday, at a press briefing to journalists accompanying President Samia Suluhu Hassan on her state visit to Russia.

Prof Mkumbo said the two countries are...