Leaders of the Commonwealth of Independent States pose for a group photo before a summit in Sochi, Russia, October 11, 2017. (Kremlin Photo)

MOSCOW, Oct. 11 (Xinhua) -- Leaders of the Commonwealth of Independence States (CIS) signed a series of deals on Wednesday to expand economic and security cooperation within the Russia-led organization.

The agreements were reached during a summit of CIS leaders, chaired by Russian President Vladimir Putin, in Russia's southern resort city of Sochi earlier in the day.

According to a Kremlin statement, Putin said in his opening remarks that the CIS countries have "every opportunity" to launch new ambitious and mutually beneficial projects.

Putin said the summit particularly highlighted an economic agenda and ways of improving trade and investment ties and eliminating barriers to the flow of goods and services.

The participants agreed to improve the operation of the inter-parliamentary assembly of the CIS countries, delineate the powers between the CIS council of heads of state and the CIS council of heads of government, and enhance regulations for the CIS council of foreign ministers and the CIS economic council.

The leaders vowed to crack down on money laundering, financing for terrorism, proliferation of weapons of mass destruction, and corruption.

They also decided to expand a joint air defence system to the aerospace and peacefully use the outer space.

CIS was founded in December 1991 amid the collapse of the Soviet Union. It currently has nine full member states: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and Uzbekistan.