MOSCOW - The Russian Federal Space Agency (Roscosmos) and the Israeli Space Agency on Sunday signed an agreement to promote cooperation in space exploration, said the press service of the Roscosmos.

Under the agreement, the two sides will create a legal and organizational framework for the development of mutually advantageous cooperation in outer space, including the studies and the use of space technologies for peaceful purposes, the press office said in a news release.

"Space cooperation between our two countries is now at the initial stage. Contacts are being established between Russian and Israeli rocket and space industry organizations, new directions of cooperation are being mapped out," head of the Roscosmos Anatoly Perminov was quoted as saying.

He also revealed five Israeli satellites have been placed in orbit with the help of Russian carriers, adding that Russia is now manufacturing Amos-5 communications satellite for an Israeli customer.

The Roscosmos press service also said the agreement meets the political and economic interests of both countries.