Russia and Iran to Form Regional Free Trade Pact by Year-End.

Russia's Deputy Prime Minister, Alexei Overchuk, has said that a free trade zone agreement between Iran, Russia, and several countries in the Eurasian region is possible by the end of the year. Talks between the Eurasian Economic Union and Iran are in their final stages, and an agreement would replace and expand an interim pact that already provides a reduction in customs duties on hundreds of categories of goods. Despite tighter ties between Moscow and Tehran, trade between the two markets has grown only moderately.