An Iranian official unveiled plans to inaugurate a joint free trade zone with Iraq at the common border by March 2024.
Secretary of Iran’s Supreme Council of Free and Special Economic Zones Hojjatollah Abdolmaleki said on Friday that the prime minister of Iraq has proposed a region in the Arab country’s Wasit governorate for the joint free trade zone, which is located in the vicinity of Mehran border crossing in Iran’s western province of Ilam.
The feasibility studies for the launch of the joint free trade zone are underway, he added.
The first joint free trade zone between Iran and Iraq will become operational by the end of the current Iranian year (March 2024), Abdolmaleki added, noting that Iraq can export its products to the other parts of the world through Iran and have access to the Indian Ocean and international waters via Iran’s free and special economic zones.
Giant steps have been taken to bolster economic ties between Iran and Iraq, he concluded.