TEHRAN – Iran’s First Vice President Es’haq Jahangiri said on Tuesday that Iran is determined to fulfill its commitments regarding the supply of electricity and gas to Iraq even in the peak summer period, Shana reported.

"[In return], we expect Iraq to make the payments for these services," Jahangiri said in a meeting with a high-ranking Iraqi delegation headed by Iraqi Prime Minister Mostafa al-Kadhimi in Tehran.

The official noted that the two countries have several areas for developing mutual economic cooperation, saying: "Fortunately, the cooperation between Tehran and Baghdad has grown to an acceptable level in various sectors, including oil, gas and electricity, but there are still many other areas for the development of bilateral economic relations.”

He said that the prerequisite for the development of economic relations is having banking and financial relations, and called for speeding up the implementation of banking and financial agreements.

The Iraqi Prime Minister for his part underlined the new Iraqi government’s determination for expansion of all-out ties with Iran, saying: “Our government is ready to activate the two countries’ joint economic committee.”

“The new Iraqi government took office amid the difficult economic and social situation and the outbreak of the coronavirus pandemic, but we managed to start having the support of all people including Shiites, Sunnis and Kurds, as well as regional and neighboring countries,” he said adding: "I hope we can overcome all the problems with each other's help.”

Iraqi Prime Minister Mustafa al-Kadhimi arrived in Tehran at the head of a high-level political and economic delegation on Tuesday evening to hold talks with senior Iranian officials.

The economic and political relations between Iran and Iraq has increased significantly in the past few years and the two neighbors are seeking ways to facilitate financial transactions and boost their trade ties.

The two countries have it on the agenda to increase the value of their bilateral trade to $20 billion by 2021.

EF/MA