On July 4, at a New Delhi summit, Iran will finally become a full member of the Shanghai Cooperation Organization (SCO).

That will be one of the key decisions of the summit, held via video-conference, along with the signing of a memorandum on the path by Belarus to also become a member state.

In parallel, Russian Deputy Prime Minister Alexei Overchuk has confirmed that Iran and the Russian-led Eurasian Economic Union (EAEU) should sign a free trade agreement (FTA) by the end of 2023.

The FTA will expand an interim deal that already lowers customs duties on hundreds of categories of goods.

Russia and Iran – two key poles of Eurasia integration – have been getting closer and closer geoeconomically since the west's sanctions tsunami that followed Russia's February 2022 Special Military Operation (SMO) in Ukraine.

The EAEU – as much as the SCO and BRICS – is on a roll: FTAs are expected to be clinched, from middle to long term, with Egypt, India, Indonesia, and the UAE.

Overchuck admits negotiations may be "very difficult" and "take years," considering "the interests of all five EAEU member states, their businesses, and their consumers." Yet despite the obvious complexities, this high-speed rail geoeconomic train has already left the station.

This way for a SWIFT exit