Tehran, Baghdad prepared to deepen economic ties

Iran and Iraq have voiced preparedness to ink agreements in the fields of banking and customs, as well as joint investment.

Iranian Industry, Mine, and Trade Minister Mehdi Ghazanfari in separate meetings with Iraqi Trade Minister Khairalla Hasan Babiker and Industry and Minerals Minister Ahmad Nassar Dali al-Karbouli in Tehran said that Iran is ready to launch joint ventures with Iraq in the fields of trade, transportation, and insurance, Mehr News Agency reported on Friday.

The two sides also agreed to establish joint companies in order to boost industrial and mineral exports to Iraq.

The Iranian said expressed readiness to invest in infrastructure projects and Iraq and meet demands of its neighbor in industrial, mineral, and agriculture sectors.

Iran's Foreign Ministry Spokesman Ramin Mehmanparast said that the value of trade turnover between Tehran and Baghdad will reach a figure between 12 and 15 billion dollars in the current Iranian year (started March 20).

Earlier in April, Iranian President Mahmoud Ahmadinejad said in a meeting with Iraqi Prime Minister Nouri al-Maliki that there was no barrier to the development of political, economic and cultural relations between Iran and its western neighbor.