TEHRAN - Chairman of Iran-Iraq Joint Chamber of Commerce has said Iran is planning to boost its annual trade with neighboring Iraq to $20 billion, Mehr News Agency reported.

Yahya Al-e Eshagh, made the remarks in a business forum between Iran and Iraq’s Kirkuk province, saying that Iranian and Iraqi governments are determined to develop regional cooperation in all areas.

“Despite all events that are happening in the region, the relationship between the two countries of Iran and Iraq are on the upward trajectory,” the official said.

The current administration of Iran under President Raeisi has shown great interest in broadening and enhancing trade and economic ties with neighboring states, he emphasized.

Turning to the significant place of Kirkuk province in Iraq, Al-e Es’hagh pointed out this province lies in the central part of Iraq and its status is satisfactory in terms of industry, oil, and energy, agriculture, and transit.

Given the historical background that Iran has with the Iraqi Kurdistan region, it is hoped that bilateral ties will be further expanded in trade and economic fields as well, he underlined.

Elsewhere in his remarks, the chairman of the Iran-Iraq Joint Chamber of Commerce pointed to the country’s planning for a $20 billion trade with Iraq and put the current trade volume exchange between the two countries at about $13-$14 billion.

Iran and Iraq signed a memorandum of understanding (MOU) on economic cooperation back in January, at the end of the fourth meeting of the two countries’ Joint Economic Committee.

During the committee meeting, technical committees were formed in various business fields to discuss technical and engineering services and other topics of interest. The meeting also proposed and supported the establishment of a joint investment fund between the two countries and hopes to continue its path.

Good agreements were also reached to review establishing a shipping corridor and increasing the number of Iraqi aircrafts passing over Iran.

EF/