Economy Minister Ali Tayyebnia and visiting Iraqi Finance Minister Hoshyar Zebari, in a meeting on Sunday, signed three strategic economic agreements, Irna reported.
The three agreements were about customs cooperation, avoiding double taxation and encouraging joint investments.
Tayyebnia said that Iran-Iraq trade, including other cooperation such as transit and tourism, stood at $12 billion a year.
He said that with signing these three agreements, the trade level between Iran and Iraq would reach $20 billion a year.
Meanwhile, the Iraqi minister of finance congratulated the Iranian government and nation on reaching a nuclear deal with world powers, describing the nuclear agreement as reasonable and useful which would benefit Iran and the entire region.
Hailing the current level of relations between the two neighboring countries, Zebari expressed hope that Iran and Iraq would witness further expansion of relations.