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China and Russia will finalize an agreement by the end of 2015 to set up two joint ventures to develop, manufacture, and sell new satellite navigation devices that receive signals from three major navigation systems, namely China’s BeiDou satellite navigation, Russia's GLONASS satellite navigation, and US Global Positioning System(GPS), the head of Russia's GLONASS Union told RIA Novosti on Monday.

The Bei-Dou-GLONASS-GPS device will operate under the "BG-Star" brand on Russian and Chinese markets, with plans to expand further, president of the GLONASS Union Alexander Gurko said.

The implementation of the receivers is expected to benefit the BRICS countries and Shanghai Cooperation Organization member states.