Iran has inaugurated its first trade center in the Iraqi northern city of Soleimanieh.
Some 45 Iranian companies have established branches in the trade center, the Islamic Republic of Iran Broadcasting reported on Wednesday.
The project is aimed to supply genuine and accredited brands to the Iraqi market, offer after sales services and institutionalize the activity of economic enterprises in Iraq.
In the first four months of the current Iranian year (ended on July 21), Iran exported $1.2 billion worth of goods to Iraq.
Last April, Iran's commercial attaché in Iraq, Mehdi Nejatnia, told Press TV that the value of trade between the two countries in 2009 increased by one billion dollars compared to the previous year.
The value of trade between the two neighboring countries stood at $7 billion last year.
Nejatnia stated that Iran exported over 2,000 different goods worth $4 billion to Iraq, while Iraq exported $3 billion of goods, mainly crude oil, sulfur, and iron, to Iran.