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Iran, Iraq sign three agreements on economic cooperation

Staff writer |
Iran and Iraq have signed three agreements for the expansion of cooperation in various economic fields between the two neighboring countries.

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According to Iranian media, the agreements were signed in presence of Iran's Minister of Economic Affairs and Finance Ali Tayyebnia and his Iraqi counterpart, Hoshyar Zebari, in Tehran on Sunday.

The agreements aim to boost cooperation between Iran and its western neighbor in such areas as customs, taxation and mutual investment.

Speaking to reporters on the sidelines of the signing ceremony, Iran's minister of economic affairs and finance said according to the agreements, Iran and Iraq will expand customs cooperation while taking steps to do away with double taxation and encourage mutual investment in the two countries.

Tayyebnia further stated that the volume of bilateral trade between Iran and Iraq currently stands at $12 billion a year, expressing hope that the new agreements will further increase that figure to over $20 billion.

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