Baku, Azerbaijan, Sept. 6
By Umid Niayesh- Trend:
Iran and Iraq signed three memorandums of understanding (MoU) to boost mutual economic ties.
Iranian minister of finance and economic affairs Ali Tayebnia and his visiting Iraqi counterpart Hoshyar Zebari signed a document on customs cooperation and a MoU which allows the two countries' companies to avoid paying double tax on their trade activities.
The two parties also signed a document for boosting investments, Iran's official IRIB news agency reported Sept. 6.
Zebari and Tayebnia expressed hope that the signed documents will help to further expansion of mutual trade and economic relations.
Iran-Iraq trade currently stands at $12 billion if transit and tourism are also taken into account, said Tayebnia during his meeting with Iraqi minister, adding, the figure could easily be increased to $20 billion.
Zebari arrived in Tehran Sept. 5 heading an economic delegation aimed at evermore expansion of relations with Iran.
Back in June, a delegation of Iranian traders visited Baghdad to discuss investment opportunities in the two neighbors.
Later that month, Iran's Minister of Roads and Urban Development Abbas Akhoundi traveled to Basra to launch work on the construction of a rail track to connect the southern Iraqi city with the southwestern Iranian city of Khorramshahr.
Follow the author on Twitter: @UmidNiayesh