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Iran and Iraq have pledged to boost trade considerably despite the imposition by the United States of new crippling economic sanctions against Tehran.
Under the sanctions regime, countries that do business with Iran without the waiver of the United States risk heavy fines, a threat that has forced many trading partners to sever their ties with the Islamic Republic.
However, Iranian President Hassan Rohani said that the annual bilateral trade with Iraq could reach 20 billion dollars, compared with 12 billion currently.
He made the remarks following a meeting with Iraqi President Barham Salih in Tehran on November 17, about two weeks after Washington imposed new sanctions on Iran's oil, banking and transport sectors.
Iran has had considerable influence in Iraq since the 2003 US invasion that toppled Saddam Hussein.
Tehran hopes to maintain its exports to its neighbor despite the renewal of sanctions. Iraq is the second largest market in Iran after China, buying everything from food and machinery to electricity and natural gas.
"Thanks to bilateral efforts, we can increase this figure [for bilateral trade] to 20 billion dollars in the near future, "said Rohani in comments broadcast live on public television.
Rohani said he and Salih discussed intensifying trade in electricity and petroleum products and creating free trade zones along the border.
He added that they also discussed joint oil projects and improved transport links between the two countries.
Salih suggested the formation of a "new regional system" including Iraq and Iran, based on "political integrity, national interests and cooperation between nations and governments. ". He did not elaborate.
Baghdad is seeking US waivers to import Iranian gas.
Salih then met Iran's Supreme Leader, Ayatollah Ali Khamenei, who said: "Some governments in the region and outside are interfering in the internal affairs of Iraq and Iraq. must be the object of strong resistance.
Iran has accused the United States and its regional rival, Saudi Arabia, of seeking to undermine its economic and geopolitical interests in the region.
President Donald Trump withdrew the United States from the 2015 nuclear agreement between Iran and the world powers in May.
Since then, Trump has announced what he has presented as the "most severe" sanctions against Iran. The country has seen its oil exports drop and its currency lose more than half of its value.
