Speaking to IRIB on the sidelines of the official welcoming of Iraqi Prime Minister Ali Faleh Al-Zaidi in Tehran, Madanizadeh said Iran currently exports around $12 billion worth of goods to Iraq annually, while imports from Iraq remain below $1 billion.

He noted that the two countries' economic relationship is largely centered on energy exports, particularly Iranian natural gas and electricity supplies to Iraq, adding that Tehran is working to make bilateral trade more balanced.

Highlighting the significant economic potential between the neighboring countries, Madanizadeh said Iran is ready to deepen cooperation in non-oil sectors and diversify the composition of bilateral trade.

He added that expanding commercial ties beyond energy would help establish a more balanced, sustainable and long-term economic partnership between Tehran and Baghdad.