TEHRAN - Iran's Ambassador to Baghdad Iraj Masjedi met with Manhal Aziz Al-Khabbaz, Iraq’s new minister of industry and minerals, on Tuesday, to discuss expansion of trade and industrial cooperation.

Masjedi congratulated the Iraqi official on his appointment as industry and minerals minister, expressing hope that industrial ties and cooperation between the two countries would expand under his leadership.

Further in the meeting, both officials urged expansion of ties in various areas including the auto industry, launching joint industrial parks and other industrial and mining areas.

The officials also discussed holding the two countries’ joint economic committee meeting and Iran's investment in manufacturing tractors, buses, and minibuses in Iraq.

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.

Last week, the two sides decided on the ways of implementing an agreement for using Iran’s exports revenues in Iraq for importing basic goods from the country.

According to the Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati, under the framework of the mentioned agreement, Iran will use its gas and electricity export revenues which amount at several billion dollars a year in addition to CBI resources in Iraq, for importing its required goods from the country.

EF/MA