Moscow: Iran, Russia agree on signing free trade agreement with Eurasia Union

According to Russia's Sputnik news agency, Novak made the comment after attending the Inter-Governmental Iran-Russia Commission in a press conference, adding, "We have reached an agreement for eliminating the entire existing obstacles in the way of expansion of bilateral trade, and reaching an agreement on the establishment of a free trade zone between Iran and the Eurasia Union in very near future."

According to Novak, the trade volume during the past eight months increased 36.4% to reach 3 billion and 300 million dollars, and keeping in mind this drastic growth, "we believe it will leave 4 billion dollars very soon".

The deputy prime minister of Russia said that there is broad potential for implementing joint projects in manufacturing automobiles, airplanes, and ships.

"We have also already reached joint agreements between the Iranian and Russia companies for establishing joint investment companies and for the presentation of facilities that are related to bilateral cooperation," he added.

He said that the two countries had begun swapping energy, especially oil products, and have now reached an agreement to increase the swap deals.

Novak said that the Iran-Russia swap oil and gas in October 2022 agreement will be signed by the end of this year, and accordingly, in this phase, up to five million tons of oil and 10 billion cubic meters of gas will be swapped.