Iran Daily reports that trade between Iraq and Iran is expecte be between $12 billion and $15 billion in the current Iranian year (started March 20), up from $9.7 billion last year.
Iranian Foreign Ministry spokesman Ramin Mehmanparast described trade ties with Iraq as 'ever increasing', saying there are 'abundant capacities' for cooperation between the two countries.
In April, Iranian President Mahmoud Ahmadinejad said in a meeting with Iraqi Prime Minister Nuri Al-Maliki that there was no barrier to the development of political, economic and cultural relations between Iran and its western neighbour.
Ahmadinejad said Iran and Iraq should use all capacities to develop bilateral relations, solve regional issues in favor of their nations, and establish peace and justice.
Last week Iran announced the building of a $450 billion gas pipeline to Iraq.
(Source: Iran Daily)