Turkey and Russia signed an agreement to increase the use of local currencies -- Turkish Lira and Russian Ruble -- in bilateral trade, the Russian Finance Ministry announced on Tuesday.

Turkish Finance and Treasury Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed the agreement on Friday.

Within the scope of the agreement, commercial institutions' demand for two currencies will be raised and a proper finance structure will be established.

The agreement will also enhance the use of Russia's National Payment Card (MIR) and Financial messaging system of the Bank of Russia (SPFS), which is an alternative of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) -- in Turkey.

Parties will also develop debt securities for Russian and Turkish exporters.

The agreement is a significant step for increasing fair trade and economic cooperation between two countries, according to the announcement.

Two countries’ bilateral trade totaled $25.4 billion last year, with Russia dominated it by making nearly $22 billion export to Turkey.