The Iranian Head of the Iran-Iraq Join Economic Committee Reza Ardakanian predicted on Tuesday that the Iran-Iraq annual trade will increase to 20 billion U.S. dollars.
Ardakanian, who is also Iran's Energy Minister, made the announcement while co-chairing with Iraqi Trade Minister Alaa Ahmed Al-Jubouri the opening ceremony of the two countries' fourth Joint Economic Committee in Tehran, Iranian state TV reported.
The Iranian minister announced Tehran's readiness to establish a joint investment fund to support the supply of engineering and technical Iranian services to Iraq.
The two countries plan to sign new agreements in the fields of water and energy, he also revealed.
Ardakanian also underlined the importance of developing transportation routes between Iran and Iraq as an important factor in the development of trade between them.
Iran is ready, he noted, to implement the existing agreements in the fields of electricity, gas and water, and also to formulate new ones in those fields in order to expand the cooperation between the two nations.
The map shows main border crossings between Iran and Iraq
Moreover, Ardakanian called for new cooperation agreements in the fields such as double taxation, investment, preferential tariffs, and customs.
Speaking at the meeting, Al-Jubouri emphasized the importance of modern technologies in the development of economic ties between his country and Iran.
The presence of a high-ranking Iraqi delegation in Tehran, he said, is an indication of Baghdad's determination to boost cooperation with Iran.
The fourth Iran-Iraq Joint Economic Committee, attended by political and economic officials from the two countries as well as representatives of the two sides' private sectors, wrapped up on Wednesday.