Iran, Iraq ink MOU to broaden cooperation in transport sector

TEHRAN,Jan.28(MNA)--Iranian Roads and Urban Development Minister Ali Nikzad and Iraqi Transport Minister Hadi al-Amiri inked a memorandum of understanding in Tehran on Thursday to give a boost to their cooperation in the transport sector. The MOU also envisaged exchanging technical and engineering services by the two sides. Nikzad said that the bilateral trade between Iran and Iraq stands at around $7 billion annually, while potentials of the two sides provide the opportunity to enhance relations in different sectors. Iran's First Vice-President Mohammad-Reza Rahimi said on July 7 that Iran and Iraq have agreed to increase the value of their bilateral trade to $20 billion in the near future. “We agree to increase the value of mutual economic and trade exchange, which is expected to reach 10 billion dollars by the end of the current year, to 20 billion dollars in the near future,” Press TV reported. The value of Iran’s annual non-oil exports to the neighboring Iraq has increased to around $5 billion in the current year from just $790 million in 2005, the Iranian ambassador to Iraq said. “Iran exported some $1 billion in electricity and oil products and the same amount in technical and engineering services to Iraq in the previous year,” Hassan Danaeefar added. Iranian companies are projected to build two power plants in Iraq, he said, adding that the two sides have signed a deal, worth $400 million, to establish a gas pipeline from Iran to Iraq.