"I hope this document will be signed at the end of [January]," Baghaei told reporters.
Russia expects the Eurasian Economic Union-Iran free trade area agreement to boost trade, which has increased by 14.7% to $3.3 billion in the first nine months of this year, according to Russian Deputy Prime Minister Alexey Overchuk.
"We expect it [the free trade area agreement] to go into effect in 2025, but even with this agreement, trade between the two countries is growing, and in the first nine months of this year it has already grown by 14.7%, reaching $3.3 billion. This is very good growth," Overchuk told reporters on Modnay.
The agreement will allow Russian businesses to save $300 million on duties every year, the official added.