Representatives of the Eurasian Economic Commission attending a meeting of the Interstate Council on Antitrust Policy (ICAP) in St. Petersburg, Russia, on June 15, 2023. (Courtesy of eec.eaeunion.org)
Metropolis Desk-
By the end of the year, a free trade zone deal might be reached between Iran, Russia, and several other nations that encompass the large Eurasian territory extending from the boundaries of Eastern Europe to Western China, according to a report from Russia’s TASS news agency on Monday.
In an interview with the official TASS news agency, Russian Deputy Prime Minister Alexei Overchuk stated that negotiations between Iran and the Eurasian Economic Union, which consists of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, are nearing their conclusion.
We are progressing, said Overchuk. We fervently hope that such a contract can be signed before the year is out.
Since Western sanctions over Moscow’s invasion of Ukraine have restricted Russia’s access to international trade lines and pushed it to hunt for markets outside of Europe, both the region and Iran have gained significant significance for the Kremlin.
Despite closer relations between Moscow and Tehran, trade between the two markets has only significantly increased since Russia invaded Ukraine in February 2022 and started making significant purchases of drones built in Iran to assault the nation.
According to official figures, the turnover of commodities between Russia and Iran increased by 20 percent in 2022, which is two-thirds the overall growth rate Moscow observed with China, another significant partner with whom Russia has strengthened its political and economic ties in recent years.
The regional arrangement with Iran would replace and broaden an interim agreement that already lowers customs taxes on hundreds of different product categories.
Russia began trading oil products with Iran in November 2022, and Tehran stated in March that it anticipates “huge volumes” of oil and gas exchanges with Moscow.
Source – Arab News
