Monday, Mar 8, 2010
Iran and Iraq to set up Joint Free Trade Zone
Iran and Iraq are due to form a joint free trade zone in the near future to further promote economic cooperation between the two neighboring countries, an Iranian official announced on Monday.
The Iranian side in a meeting with Iraqi officials offered the initiative for starting a joint free trade zone, and that the proposal was welcomed by the Iraqi side, Khouzestan province's chief MP Mostafa Matourzadeh told FNA.
"The existence of a joint free trade zone between Iran and Iraq will facilitate transit of goods," Matourzadeh further explained.
He pointed out that a number of plans have also been proposed to form a joint industrial zone at the two countries' common borders.
"The industrial zone between the two countries will cause development and growth of products and will also help attract foreign investments in the industrial sector," Matourzadeh added.
Iran and Iraq have enjoyed growing ties ever since the overthrow of the former Iraqi dictator, Saddam Hussein, during the 2003 US invasion of the Muslim country.
Chairman of Iran's Expediency Council Akbar Hashemi Rafsanjani had informed in April that impediments to the expansion of Iran-Iraq ties had been removed and the two nations could promote cooperation to further bolster bilateral ties.
Iran is due to inaugurate a trade center in the northern Iraqi city of Soleimaniyeh by the end of March, an instance of growing ties and cooperation between the two Muslim nations.
"With the inauguration of Iran's trade center in Iraq by the end of the (Iranian) year (March 20), exporters can use Iran's transit facilities and potentials to send their commodities to Iraq," Secretary-General of Iran's Chamber of Cooperatives Hossein Rahmaninia told FNA in January.
Fars News Agency
