Tasnim– The Iranian Minister of Trade and Industry Mohammad Reza Nematzadeh said a much-awaited contract with French automaker Renault is going to be signed by March 20.

The deal with Renault is in the final stages, Nematzadeh told  the Tasnim News Agency on Monday.

“They (Renault officials) have promised that it (the deal) would be signed by the (Iranian) year’s end,” the minister noted.

Iranian automaker Saipa has been holding talks with Renault for months on a major business contract. According to Iran’s economy minister, the terms of the deal would be similar to a contract signed between Peugeot and Iran Khodro.

In January 2016, Iran Khodro, the Middle East’s biggest carmaker, and French carmaker PSA Peugeot Citroen signed an agreement over a joint-venture to produce cars, worth 500 million euros ($545 million).

According to the deal, Peugeot 2008 crossover, 208 supermini and 301 compact cars will be manufactured inside Iran under the 50-50 joint venture.

Resumption of cooperation between Iranian and French automobile companies follow the implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that took effect in January 2016.