"In order to decrease our reliance on oil revenues, we also plan to increase our economic ties with neighboring countries," said Shamkhani in a Tuesday meeting with Iraqi Oil Minister Adil Abdul-Mahdi al-Muntafiki in Tehran, reported ISNA.
The official further underlined the need to expand trade between the two countries.
"The destruction of the economic infrastructures of Iraq and Syria is aimed at hindering the Islamic countries' economic growth," Shamkhani noted.
Al-Muntafiki, for his part, said that the Iraqi nation is willing to increase its relations with Iran.
"The Iraqi government plans to facilitate the process of trades between the two countries," he said.
"Iran and Iraq can play an important role in restoring oil prices in global markets," the Iraqi minister said.
In the past six months, the oil prices have fallen about 50 percent due to a glut of supplies by certain oil producing countries such as Saudi Arabia and weaker-than-expected demand in Europe and Asia.
Cooperation to uproot terrorism
Iranian Foreign Minister Mohammad Javad Zarif, also in a meeting with the Iraqi official, said Iran and Iraq have explored ways to further broaden ties in all areas. He called for closer bilateral cooperation to counter the threats of terror in the troubled Middle East.
The two sides discussed further enhancement of bilateral and regional ties, particularly in the political and economic spheres.
The meeting comes as Iraq has witnessed a surge in terror operations over the past months, with the ISIL terrorist group controlling large swathes of lands in the Arab nation.
The extremist group had seized large areas in Syria before expanding its terrorist activities to neighboring Iraq in the summer.
United Iraq not to be brought to knees
Meanwhile, Chairman of Iran's Expediency Council Ayatollah Akbar Hashemi Rafsanjani, in his meeting with al-Muntafiki, praised the solidarity among all Iraqi groups in the face of the Takfiri violence plaguing the neighboring country, saying no power can bring such a nation to its knees.
Ayatollah Rafsanjani said the recent gains by Iraqi troops and volunteer forces on the battlefield against the ISIL terrorists mark an important juncture in the history of the Arab state.
The Iraqi oil minister, in turn, pointed to the ISIL atrocities in areas under its control and outlined the victories achieved by the Iraqi army and volunteer forces in their fight against the terror group on different fronts.
He also highlighted the religious, cultural, and historical commonalities between the neighboring Iranian and Iraqi nations, and expressed Baghdad's readiness to further promote cooperation with Tehran in various spheres.