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MOSCOW, May 23 (Xinhua) -- Moscow and Ulan-Bator have been considering a free trade zone with the participation of Mongolia and the Customs Union (CU), Russian Minister of Economic Development Alexei Ulyukayev said Friday.

"Alexei Ulyukayev and his Mongolian counterpart Nyamjav Batbayar held a meeting where they have discussed prospective bilateral projects," Russian ministry's press said.

Among the projects, the ministers singled out the building of a modern railway infrastructure, energy facilities, electricity grids and oil pipelines for Mongolian domestic needs and transit to China.

According to Ulyukayev, the two countries look forward to switching to mutual accounting in their national currencies and eventually, Mongolia's joining the CU free trade zone.

The CU currently comprises Russia, Kazakhstan and Belarus, while Armenia and Kyrgyzstan are waiting to join the economic alliance.

Earlier this week, Ulyukayev said the CU also mulled over an agreement with Hanoi on Vietnam's accession by the end of 2014.