TEHRAN (FNA)- Iranian Science Minister Mohammad Farhadi and his Italian counterpart Stefania Giannini signed an agreement on the promotion of educational and scientific cooperation in Tehran on Sunday.

According to the accorded agreement, joint expert committees will be formed to plan road maps for future cooperation on scientific research between the two sides.

The two officials also agreed to collaborate on fueling improvement of scientific and technology parks in each other's countries.

In addition, both sides accepted to provide joint university projects undertaken from 2016 to 2018 with up to �100,000 of funds.

Earlier in August, Iranian Foreign and Economy Ministers underscored the vitality of bolstering Iran-Italy ties and starting a new round of cooperation.

"The Iran-Italy trade level is above normal and the two countries are planning balanced and long-term mutual economic relations," Iran's Foreign Minister Mohammad Javad Zarif said in a meeting with his Italian counterpart Paolo Gentiloni.

Gentiloni, for his part, voiced Italy�s resolve to elevate the level of contacts between the two countries based on the new round of cooperation.

The Italian foreign minister also expressed hope that Iran�s recent nuclear agreement with the six world powers would prove to be a successful model in the settlement of disputed issues.

Elsewhere, Iranian Minister of Economic Affairs and Finance Ali Tayyeb-Nia met the Italian minister for economic development Federica Guidi.

"The volume of bilateral trade is currently around $1.5 billion and it is vital to double the figure via expanding economic cooperation, particularly in joint investments,"�Tayyeb-Nia said.

Guidi, for her part, expressed her country�s interest in developing trade and economic relations with Iran.

The Italian ministers arrived in Tehran along with a group of high-ranking directors of Italian state-run and private companies.

At the end of the meeting, a memorandum of cooperation was signed by the Italian Export Credit Agency (SACE), and the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) and Iran's Central Bank.

During their visit to Tehran at the time, Italians could persuade Iran to sign its first European memorandum of understanding (MoU) on trade transactions after the recent nuclear agreement.

This MoU was signed between the Head of the Trade Development Organization of Iran Valiollah Afkhamirad and CEO of Italian Trade Agency, Roberto Luongo.

According to the contract, the two sides accepted to bolster trade ties and share their trade and commercial know-how via sending delegations to each other's countries.

By Fars News Agency