MOSCOW, June 5 -- TANZANIA and Russia are moving closer to a new phase of economic cooperation, with talks now in their final stages to establish a more efficient payment system aimed at boosting trade and investment between the two countries.

This was revealed by the Minister of State in the Presidents Office for Planning and Investment, Prof Kitila Mkumbo, while speaking to journalists accompanying President Samia Suluhu Hassan during her official visit to Russia.

Prof Mkumbo said both countries are expected to sign key cooperation agreements before the end of the visit, describing the development as a major milestone in strengthening bilateral economic relations.

He said the current trade volume between Tanzania and Russia stands at...