(MENAFN) At the conclusion of their ninth Joint Economic Committee meeting, Iran and Zimbabwe signed a Memorandum of Understanding (MOU) to deepen their economic ties.
Solat Mortazavi, the minister of labor and social welfare in Iran, and Frederick Shava, the minister of foreign affairs and international trade in Zimbabwe, both signed the full agreement, according to IRNA.
Iran and Zimbabwe's Joint Economic Committee's ninth meeting got under way on February 1 and ended on Sunday.
According to the MOU, the two parties agreed to intensify their collaboration in a number of areas, including trade, insurance, industry, mining, customs, oil, water, and energy, as well as tourism.
Mortazavi stated that Iran is fully prepared for the growth of economic and commercial relations with Zimbabwe during his speech at the meeting.
He underlined that the development of extensive bilateral connections between Iran and Zimbabwe is mostly due to their similar positions on international issues.
The official stated: "A 900 percent rise in economic and trade contacts between the two nations is on the agenda for the future years." He also highlighted a scheme for using barter trading to eliminate the U.S. dollar from the two countries' commercial and economic exchanges.
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