Iranian Minister of Industry, Mine and Trade Reza Rahmani announced that Tehran and Baghdad are eager to boost their trade ties up to $20 billion.
Tehran and Baghdad have targeted 20 billion dollars worth of trade exchange for the next two years, Rahmani said in a meeting with Iraqi cleric Grand Ayatollah Seyed Ali Sistani’s representative in Iran Hojjatoleslam Javad Shahrestani in the Central city of Qom on Thursday.
Rahmani referred to the recent visit by Iranian President Hassan Rouhani to Iraq, saying the fruitful trip brought 21 agreements on cooperation in areas of mine, trade and industry.
At present trade exchanges between Iran and Iraq are worth $12 billion while the two countries have ensured that the figure would reach $20 billion in the next two years, Rahmani said.
President Rouhani arrived in Iraq on Monday for a three-day visit in order to boost bilateral ties between the two neighbors amid US sanctions against the Islamic Republic.
Rouhani traveled to Baghdad to hold talks with Iraqi officials. A high-ranking delegation was accompanying the president.
Tehran and Baghdad signed 5 Memoranda of Understanding (MoU) to give momentum to the expansion of mutual cooperation in various economic and healthcare sectors.
The documents were signed by senior officials of the two countries in the presence of President Rouhani and Iraqi Prime Minister Adel Abdul-Mahdi in Baghdad on Monday.
According to the documents, Tehran and Baghdad will improve cooperation in the fields of trade, healthcare and oil industry.
The two sides also agreed on the construction of a railroad link between the Iranian city of Shalamcheh and the Iraqi city of Basra as well as visa facilitation for investors and businessmen. According to the visa agreement, starting in early April 2019, the two countries will issue visas to each other's nationals free of charge.
Tehran and Baghdad signed another MoU to boost cooperation between Iran's Ministry of Industry, Mine and Trade and Iraq’s Ministry of Trade.
The two countries also agreed to cooperate in all fields related to healthcare while another agreement pertained to cooperation between Iran's Ministry of Petroleum and its Iraqi counterpart.