Tehran, Baghdad ink MoUs in Economic, Financial Sectors

Tehran and Baghdad inked MoUs in the fields of transportation, trade, power, electricity, gas, and water, as well as banking and financial interactions between the two countries, the Iranian economy minister announced. Iraqi Minister of Trade Atheer Al-Ghurairi received the Iranian Finance and Economic Affairs Minister Ehsan Khandouzi on Monday, the Iraqi ministry of trade said in a statement, received by the Iraqi News Agency (INA). They both discussed the prospects for trade cooperation between the two countries, the statement said. Following their meeting, the Iranian and Iraqi ministers attended a joint press conference.

In the fifth Iran-Iraq Joint Economic Commission, Tehran and Baghdad inked MoUs in the fields of transportation, trade, power, electricity, gas, and water, as well as banking and financial interactions between the two countries, Khandouzi told reporters. The 20% increase in trade relations between Iran and Iraq in the last eleven months and the transfer of more than 7 million travelers and pilgrims are signs of the further development of economic relations between the two countries, he also said.

Also, The deputy head of the Iranian Free Zones High Council said on Monday that Iran and Iraq have reached an agreement to form a joint free trade zone on the border of the two countries in the near future, IRNA reported. According to Ahmad Jamali, the decision for establishing the mentioned zone was made during the two countries’ fifth Joint Economic Committee meeting in Baghdad.
Underlining the fact that three of Iran’s major free zones are located near the Iraqi border, Jamali noted that along with the joint zone, these four free trade zones can play a significant role in boosting the trade exchanges between the two countries. - Mehr, Tasnim