News ID: 240048
Published: 0346 GMT March 10, 2019

Iran, Iraq to ink several MoUs to increase trade

Iran, Iraq to ink several MoUs to increase trade

Iran is expected to sign several memoranda of understanding (MoUs) with Iraq on rail projects, easier visa processes, as well as medical cooperation.

These MoUs will be about establishing a railway between the border cities of Khorramshahr and Basra, building and developing joint industrial parks, travel visas, customs issues and health and medical cooperation, said Iranian Ambassador to Iraq Iraj Masjedi, according to IRNA.

The Iranian border city of Khorramshahr lies some 40 kilometers away from Basra, in Iraq. The Iranian and Iraqi officials are eager to connect their countries via railway in a bid to boost exports and imports.

Tehran and Baghdad are seeking to raise their annual trade volume to $20 billion in the next few years.

Current Iranian exports to Iraq stand at $13 billion, over seven billion of which pertains to non-oil exports.

Iraq is also among the top destinations for exports of Iranian goods. The Iranian envoy to Iraq noted that his country is planning to organize more than 40 Iranian trade fairs in Iraq by March 2020.

He added that a draft document of easing visa issuance for traders, businessmen and women from both countries is ready to be signed.


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