ISLAMABAD, April 12 (Xinhua) -- Pakistan and Russia Thursday agreed to finalize a bilateral investment treaty and agreement on avoidance of double taxation with an objective to expand their trade and economic ties.

    The two sides agreed during official talks between Pakistani Prime Minister Shaukat Aziz and visiting Russian counterpart Mikhail E. Fradkov in Islamabad.

    Addressing a joint news conference, both prime ministers vowed to further strengthen Pakistani-Russian ties and expand their cooperation in various fields especially in trade and economy.

    "Both the sides also agreed to promote trade ties and considered to use Iran as a corridor between the two countries for this purpose," Aziz said.

    He said they also discussed energy cooperation between the two countries including exploring of oil, gas and coal and hydel power generation.

    He said Russia is global player in international politics and Pakistan desires to have strong and long-term relations with it hoping that the visit of Russian prime minister will pave way for these relations.

    "Pakistan believes that strong relations with Russia are important objective of its foreign policy," the Pakistani prime minister said.

    He said both the countries desire peace and better future of their people and stressed during the talks to promote economic diplomacy and expanding cooperation in war on terrorism and extremism.

    Russian Prime Minister Mikhail E. Fradkov in his statement said both sides agreed to broaden their cooperation in the areas of scientific, technological and cultural cooperation.

    "Russia believes that in future both the countries need regular consultations for expanding ties."

    He said that he has discussed with Prime Minister Shaukat Aziz to build cooperation to combat terrorism and stressed the need for enhanced cooperation in this regard to respond the challenges.

    Fradkov stressed the need to intensify work on reactivation of Inter-Governmental Commission to further expand and cement bilateral ties.

    Answering questions he emphasized that additional efforts be made to give a boost to trade between the two countries, hoping that the visit will go a long way in building a concrete and long-standing partnership between Russia and Pakistan.

    Responding questions, Pakistani Prime Minister Shaukat Aziz said Pakistan will welcome Russian participation in India-Pakistan-Iran gas pipeline project through investment in laying the pipeline.