Russia and Iran could create a financial and trade hub to develop economic ties and facilitate interaction between entrepreneurs of the two countries, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said speaking at the Diplomatic Academy of the Russian Foreign Ministry on Tuesday.

“Another option [for the development of economic cooperation between Moscow and Tehran] is to create a financial and trade hub between Iran and Russia, which would contribute to the development of trade and economic ties between our countries, facilitate financial mutual settlements, as well as conduct barter transactions so as our entrepreneurs could cooperate more easily, “he said.

Earlier, in an interview with TASS, Deputy Foreign Minister of Russia Alexander Pankin said that the Eurasian Economic Union (EAEU) (includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan) is going to start talks on free economic trade zone with India and full-format trade regime with Iran this year provided that the epidemiological situation stabilizes.

The EAEU and Iran signed an interim agreement on a free trade zone on May 17, 2018, which is designed to increase trade between the countries by facilitating the customs regime. The document came into effect on October 27, 2019.

Source » tass