TEHRAN – The deputy head of the Iranian Free Zones High Council said on Monday that Iran and Iraq have reached an agreement to form a joint free trade zone on the border of the two countries in the near future, IRNA reported.

According to Ahmad Jamali, the decision for establishing the mentioned zone was made during the two countries’ fifth Joint Economic Committee meeting in Baghdad.

Underlining the fact that three of Iran’s major free zones are located near the Iraqi border, Jamali noted that along with the joint zone, these four free trade zones can play a significant role in boosting the trade exchanges between the two countries.

The fifth session of the Iran-Iraq joint economic committee meeting kicked off on Sunday with the purpose of shoring up economic cooperation between the two countries.

On the sidelines of the meeting, Iranian Economy Minister Ehsan Khandouzi met with Iraqi Minister of Trade Atheer Daoud Al-Ghurairy on Monday and discussed ways of expanding economic ties.

Speaking at the meeting, Khandouzi underlined the capacities of the two countries for developing trade and said: “The capacity of exchanges between Iran and Iraq is far beyond the numbers recorded in the joint trade between the two countries.”

The Iran-Iraq Joint Economic Committee meeting is going to be wrapped up on March 14.

EF/MA

Photo: Iranian Economy Minister Ehsan Khandouzi (L) and Iraqi Trade Minister Atheer Daoud Al-Ghurairy