Iran may join the free trade zone led by Russia.

RT - Iran is expected to join the Russian-led Eurasian Economic Union (EU) in the near future, Russian Deputy Prime Minister Alexander Novak revealed on Tuesday.

"We agreed to remove all barriers that currently exist in the way of developing trade between our countries. And we are talking about lowering barriers at the borders of third countries," Novak said during a meeting of the intergovernmental commission on trade and economic cooperation between Russia and Iran.

The EU, which is based on the Customs Union of Russia, Kazakhstan, and Belarus, was created in 2015. Armenia and Kyrgyzstan later joined. In 2016, Vietnam officially became the first non-regional country to become a member of the bloc. The union was designed to ensure the free movement of goods, services, capital, and workers among member nations.

More than 50 countries and international organizations, including China, Indonesia, Jordan, Thailand, and some South American countries, have expressed interest in a free trade agreement with the European Union.

According to Novak, the volume of trade between Russia and Iran has been growing at a "record pace." It increased by more than 36% year-on-year from January to August, reaching $3,3 billion. The Deputy Prime Minister expressed confidence that the value could soon reach $4 billion.

Cooperation between Russia and Iran has begun to expand rapidly amid Western sanctions against Moscow and Tehran. Since the beginning of the year, they have reached a series of agreements, including the exchange of supplies of Iranian turbines, spare parts and aeronautical equipment, as well as the joint construction of gas pipelines and the development of fields, and visa-free travel for tourist groups from Russia.