Iran and neighboring Iraq have tripled their transactions, which can increase further in the near future. Iran's Vice President for International Affairs Ali Saeedlou made the statement after signing a cooperation accord with the representative of Iraq's Kurdistan region, Press TV reported.
"Our economic cooperation started from $3 billion or $4 billion, and has now reached more than $12 billion … We predict the volume of economic cooperation will increase to $16 billion if things go well," he said.
Saeedlou said the issues of joint investment, construction projects, transferring gas and electricity to Iraq and tourism were among those mentioned in the accord.
"Currently, 1,200 megawatts of electricity are exported to Iraq, which is expected to increase by 150 megawatts in order to be transferred to Syria and Lebanon," he said.
"Carrying out [joint] infrastructure economic projects with neighboring countries, particularly the friendly and brotherly country of Iraq, is one of the priorities of the Islamic Republic."
Saeedlou noted that, due to the destruction caused by the US-led war, Iraq is in need of infrastructures such as roads, dams and power plants.
In January, a memorandum of understanding was signed by Iran, Iraq and Syria to expand trade cooperation and the transit of goods among the three countries.