An Austrian trade delegation is in Iran in a bid to explore the latest developments in economic and commercial cooperation of the two countries.
The Austrian delegation is going to pursue the roadmap of mutual commercial-economic cooperation with Iran as well as holding the joint economic cooperation commission.
The two sides have formed eight work groups in trading and third markets, small and medium businesses, technologies in labour, mine, energy, transportation, infrastructure, tourism and boosting academic cooperation to advance bilateral economic cooperation roadmap.
They also would explore holding their joint economic commission meeting scheduled to be held late 2017.
The Austrians are going to meet with Iranian urban development and tourism officials.
Last April, Iran signed a preliminary agreement with Austria to promote mutual cooperation in multiple industrial areas.
The agreement was signed between the chambers of commerce of the two countries and is valued at over $2 billion.
It includes eight documents envisaging broader cooperation in several areas including the automobile sector, steel industry, pharmaceutical field and engineering services.
Trade between Iran and Austria currently stands at around $300 million. Officials from both countries announced last year that a plan has been drawn up to raise this figure to $1 billion by 2020.