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Iran, Iraq look to expand economic ties amid US sanctions

Despite US sanctions, Iranian and Iraqi officials hope to increase economic ties.
Barham Salih, Iraq's newly elected President greets Iraq's outgoing President Fuad Masum (not pictured) at the end of a handover ceremony at Salam Palace in Baghdad, Iraq October 3, 2018. REUTERS/Thaier Al-Sudani - RC1C2A8CDD30

Weeks after the United States reimposed sanctions on Iran — even though UN monitors said Iran was in compliance with the nuclear deal that was signed under former US President Barack Obama's administration — Iranian President Hassan Rouhani said that Iran-Iraq bilateral trade could increase to $20 billion from its current $12 billion, and he spoke of expanding economic ties and relations between the two countries.

Rouhani made those remarks during a press conference with Iraqi President Barham Salih, who is currently visiting regional countries after assuming office in October. His next stop was Iran’s regional rival Saudi Arabia. Rouhani said the two leaders discussed economic issues including cooperation in electricity, gas, petroleum, oil exploration and extraction, and a railroad connection between the two countries for the purposes of trade and transportation of pilgrims between western Iran and southern Iraq.

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