Iranian Commerce Minister Mehdi Ghazanfari and Lebanese Economy Minister Mohammad Al Safadi met in Beirut on Wednesday and started talks to sign preferential trade agreement.
The two sides also discussed expanding bilateral trade, exchanging trade delegations, participating in trade expos in the other side and supporting private sectors to give a boost to the two-way trade, IRNA news agency reported.
Tehran and Beirut have signed 26 cooperation deals in the past six months. Iran exported $74 million worth of goods to Lebanon in the last Iranian year ended March 2010.
Iran's Ambassador to Lebanon Ghazanfar Roknabadi said in October 2010 the annual trade value between the two countries has the potential to reach $10 billion.
"Considering the economic characteristics and strengths of the two countries, the trade volume between Lebanon and Iran has the potential to increase to $10 billion annually," Roknabadi added, Press TV reported.