Iran said it has signed a basic agreement with Austria to promote mutual cooperation with the country in multiple industrial fields.

The agreement that has been reportedly signed on Thursday between the chambers of commerce of the two countries could have a collected value of above $2 billion, Press TV reported.

It comprises eight documents that envisage broader cooperation in several areas including the automobile sector, the steel industry, the pharmaceutical field and the engineering services.

The current level of trade between Iran and Austria stands at around $300 million. Officials from both countries announced last year that a serious plan has been devised to boost mutual trade to as high as $1 billion before 2020.

Austria’s President Heinz Fischer visited Iran last September for three days at the head of a 240-member delegation to discuss ways to further expand Tehran-Vienna relations. Fischer expected to host Iran’s President Hassan Rouhani this past week, but the trip was postponed by Tehran.

Officials in Vienna had earlier said business deals worth a total of €1 billion to €2 billion were expected to be signed during Rouhani’s visit.

“Every nation has to decide for itself about the safety and security of its head of state,” President Fischer said in a statement in reaction to the cancelation of the visit by his Iranian counterpart to Vienna.

“The quality of the relations with Iran won’t be touched by this delay and the cooperation in the realm of politics, business, culture and science will be continued in a comprehensive manner.”

/ Iran daily/