Russia hopes to sign free trade agreement with Iran by end of year

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – In further evidence of warm ties between Russia and Iran, Russian Deputy Prime Minister Alexei Overchuk announced this week that Moscow hopes to sign a free trade zone agreement with Iran and several other Eurasion countries by the end of the year, i24News reports.

Russia has looked to Tehran for support in its invasion of Ukraine: hundreds of Iranian-made drones have been used to attack Ukrainians. Defying Western sanctions against Iran, Russia began trading oil products with Tehran in November, and Russian-Iranian commodity turnover rose 20% last year, Reuters reported.

In a statement to the Russian state TASS news agency Monday, Overchuk said advanced talks on a free trade agreement are taking place between Russia and Iran and the Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan.

“We are moving forward. We very much hope that such an agreement can be signed by the end of the year,” Overchuk is quoted as saying. Overchuk added negotiations among the Eurasian Economic Union countries on creating a common gas market continue, Reuters reported.

The new free trade agreement would replace and expand an interim deal that provides a reduction in customs duties on hundreds of categories of goods, Reuters reported.

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