The agreement was signed in Peru by Sergei Cheremin, the head of the Department for External Economic and International Relations of Moscow Government, and Deputy Mayor of Lima Patricia Juarez.
"We expect that this agreement will provide an impetus for a further development of sustainable economic and cultural ties between Moscow and Lima, as well as create a solid foundation of friendship and mutual understanding," Cheremin said.
"We have already agreed with Mr. Cheremin on a specific plan of action, even set out a number of events for 2018," Juarez said.
Russia and Peru seek to cooperate on the development of road transport infrastructure, housing and communal services, enhancing health and education system, promoting culture and tourism.
In mid-November, Peruvian President Pedro Pablo Kuczynski said he wanted to develop relations with Russia in a number of spheres, including military.