TEHRAN – Kermanshah-Babel memorandum of understanding (MOU) has opened up a new chapter in Iran-Iraq economic ties, the head of Kermanshah Chamber of Commerce, Industries and Mines told ISNA on Wednesday.

The MOU is a prelude to the opening of Khosravi border, a known frontier in western Iran with long history of trade between the two countries before Iran-Iraq war, and it may facilitate pilgrimage to the holy shrines on the other side, Meraj Mehrabi continued, adding that the matter is under deliberation.

“If average crossing is set at 5,000 people per day, that would offer Iraq daily revenue of 2.5 million dollars. It is an outstanding income for this type of tourism,” he elaborated, calling on authorities to support the move initiated by this MOU.

Iraq consular general then took to the stage and praised Iran’s $1b allocation for development of Iraqi border (eastern) provinces. Moreover, he emphasized on his government’s efforts to establish peace in this region in order to secure trade between the two nations.

The Kermanshah-Babel MOU is considered the outcome of 4th International Exhibition on Iraq Market Strategy held in Iran’s provincial capital of Kermanshah. The expo was concluded on Tuesday.