Iran boosts its annual exports to neighboring country Iraq to reach a total amount of $12 billion in the current Iranian calendar year, which ends on March 20, 2013. The previous calendar year saw an annual Iranian export to Iraq worth $11 billion. The Chairman of the Economic Development Committee of Iran and Iraq, Ali Saeedlou, recently said that bilateral trade could reach $25 billion in the coming two years. Iran is involved in different energy sectors in Iraq and engages in the country's projects on petroleum, oil and gas issues.
During a meeting with Iraqi Prime Minister Nouri al-Maliki in April, Iranian President Mahmoud Ahmadinejad said that his country is looking to stimulate the development of political, economic and cultural relations with its neighboring country.Ahmadinejad proposed both countries to use all options to strengthen bilateral relations, solve regional issues and establish peace and justice.