PARIS: Russia formally launched negotiations to join the OECD grouping of rich nations, pledging to push on with reforms that could boost its integration into the world economy, the body said on Wednesday.

"Russia formally launched negotiations for its future accession to the OECD by submitting a detailed 'Initial Memorandum' setting out where it stands in relation to the policy standards and practices that are basic criteria for membership," it said in a statement.

Russia's Economic Development Minister Elvira Nabiullina submitted the memo, "a starting point for more detailed discussions involving specialised OECD committees" that will scrutinise Russia's governance.

"By engaging in membership talks, Russia in effect commits to continue reforming its economy in line with international rules-based practices," the statement said, citing OECD Secretary-General Angel Gurria.

It quoted Nabiullina as saying: "This is an important event which confirms the strategic course of Russia towards integration into the world economic system and its key institutions."

The 30-nation Organisation for Economic Cooperation and Development (OECD) said it has been cooperating with Russia since the early 1990s and f