Iran, Iraq reach agreements on customs affairs, JV

Ministerial delegations from Iran and Iraq agreed on plans to promote cooperation on customs affairs, pave the way for joint investment, and expand the capacity for transportation between the two neighboring counrties.

After two rounds of meetings on Saturday, delegations led by Iranian Economy Minister Farhad Dejpasand and Iraq’s Finance Minister Ali Abdul-Amir Allawi reached agreements on closer trade ties between Tehran and Baghdad.

Speaking at a press conference after the meetings, Dejpasand said the new agreements entail plans to address the problems relating to customs, exchange experiences in customs affairs, and facilitate the activities of the two countries’ business people.

He noted that Iran and Iraq have also agreed on organized plans for joint investment in order to increase foreign investment in the two countries by setting up new industrial complexes.

Another issue agreed upon in the meetings was the expansion of the capacity for the transportation of rail passengers and cargo between the two neighbors.

Iran and Iraq held the 4th session of Economic Cooperation Joint Commission in January, weighing plans for stronger cooperation in various sectors with an eye to the geographical, cultural and religious commonalities between the two Muslim neighbors.

Participants in the meeting are also planned to discuss the ways to boost economic ties, promote exports, and evaluate the markets for optimum productivity in various sectors, such as the transportation and energy industries, tourism sector, construction projects, and water and electricity industries.