IRNA � Iranian Minister of Economic Affairs and Finance Masoud Karbasian said in Washington on Saturday that Iran-Italy agreement for opening banking credit line will be inked in the near future.

Karbasian, who is in Washington to attend the 2017 Annual joint meeting of the World Bank Group and International Monetary Fund (IMF), made the remarks in a meeting with his Italian counterpart Pier Carlo Padoan.

The Iranian minister also emphasized the need for expanding economic relations between the two countries.

He added previously several negotiations have been held between Tehran and Rome for opening a credit line in a bid to pave the way for optimal banking and economic ties between the two countries.

The Iranian minister said the level of mutual trade transactions has seen a three-fold increase in the first half of the current Iranian calendar year (March 20, 2017).

Karbasian also voiced Iran's willingness to cooperate with Italy in steel industry as well as transportation arenas.

Padoan, for his part, said Italy is entirely determined to expand all-out ties with Iran in different arenas.

He added the Italian companies are fully ready to cooperate with the Iranian side.

The Italian minister stressed that the financial cooperation would pave the ground for technical cooperation between the two nations.

Karbasian, heading a delegation, arrived in Washington on Friday to attend the World Bank's autumn summit to be held in Washington on October 13-15.