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.