Iran, Iraq Ink 3 Cooperation Agreements

TEHRAN (Tasnim) – High-ranking officials from Iran and Iraq signed three cooperation agreements as part of efforts to promote bilateral relations between the two neighboring countries in diverse economic fields.

Iran, Iraq Ink 3 Cooperation Agreements

The documents were signed in a meeting between Iran's Minister of Economic Affairs and Finance Ali Tayyebnia and his Iraqi counterpart, Hoshyar Zebari, in Tehran.

The three agreements were signed to “avoid double taxation, (to boost) customs cooperation and encourage and support mutual investment,” Tayyebnia said after the meeting.

He further emphasized that the current value of annual trade exchanges between the two neighboring countries amounts to $12 billion if transit and tourism are taken into account.

The Iranian minister expressed the hope that with the signing of the cooperation agreements, the bilateral trade would reach $20 billion annually.

The value of trade between Iraq and Iran reached about $12 billion in 2013, making Iraq one of Iran’s top five trading partners.

In Iran’s non-oil trade, Iraq is the most significant export market. The country’s exports to Iraq include light industrial products, foodstuffs, consumer goods, construction materials and electricity.

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