Iraq and Iran sign a five-year agreement to enhance economic cooperation between the two countries

The Iraqi and Iranian delegation
 
04/12/2021

Economy News - Baghdad

Iraq and Iran signed a five-year economic agreement aimed at boosting investments between the two countries.

The agreement was signed by the Iraqi Minister of Finance, Ali Allawi, and the Iranian Minister of Cooperation, Labor and Social Welfare, Muhammad Shariatmadari.

In statements reported by "IRNA", Shariatmadari said, "We hope to reach understandings in the fields of investments, customs, border markets and similar issues."

The completion of the agreement depends on the Iraqi Finance Minister's visit to Tehran during the coming period, with the aim of "signing it before the end of the current Iranian government period next June."

Shariatmadari indicated that "Iranian Economy Minister Farhad Djebsand had invited his Iraqi counterpart to visit Tehran and hold bilateral talks."

The Iranian Minister of Labor added, "There are broader economic issues, especially in the field of infrastructure and mutual economic opportunities, which are among the common areas of cooperation, in which the two parties feel optimistic about them."

On how to cooperate in the joint free zones and the consultations in this field, he said, "The negotiations were about laying the foundation for the preferential tariff system between the two countries, so that through this way, the possibility of establishing a large common market between Iran and Iraq could form a wider market in other countries."

Shariatmadari added, "Given the presence of 15 neighboring countries to Iran, such a market could provide new economic opportunities for the two countries, which was also welcomed by the Iraqi side."

The Iranian Minister of Cooperation, Labor and Social Welfare, Muhammad Shariatmadari, arrived in Baghdad on Sunday morning; On a 3-day official visit, to hold talks and sign some documents of understanding with the Iraqi side.

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