Iran, Iraq reached good agreements on removing obstacles to economic ties: Minister

He said five sub-committees were set up during the fifth session of the Joint Iran-Iraq Economic Commission, and that good agreements were reached in cooperation in the water and energy sectors as well as in the fields of mining and industry.

“The 20% increase in trade between Iran and Iraq in the last 11 months and the movement of more than 7 million travelers and pilgrims are signs of the further development of economic relations between the two countries,” he said.

Iraq relies on Iran for a significant part of its energy needs. The two neighbors have continuous transactions with each other, which are carried out partly by the private sectors and the remaining by the governments of the two states.

Earlier, Iraq acquired the permission from the US to release some $500 million in frozen Iranian assets with the aim of facilitating bilateral trade.

The US anti-Iran sanctions are the major stumbling blocks in the way of further expansion of the mutual Tehran-Baghdad ties.