Iranian Economy and Finance Minister Ehsan Khandouzi announced on Monday the establishment of a joint committee between Tehran and Cairo to initiate trade, economic, and financial projects, marking a significant development following a decade of severed diplomatic relations.

Earlier today, Iranian state news agency IRNA reported that Khandouzi held a meeting with Mohamed Maait, his Egyptian counterpart, during his first visit to Egypt in a decade. In the course of their discussions, Khandouzi expressed Iran's willingness to enhance collaboration with Egypt across various sectors such as banking and pharmaceuticals. In response, Maait conveyed Cairo's readiness to put Tehran's proposals into action.

"I had a productive meeting with my Egyptian counterpart and we have agreed to form a committee to implement joint projects," Khandouzi was quoted as saying by IRNA.  

Relations:  Iran FM welcomes prospective rapprochement between Tehran, Cairo

Earlier today, Iranian Foreign Ministry spokesperson Nasser Kanaani described the most recent meeting between the Iranian and Egyptian foreign ministers as "very good and positive" last Wednesday.

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Iranian Foreign Minister Hossein Amir-Abdollahian and Egyptian counterpart Sameh Shoukry convened on the sidelines of the 78th session of the United Nations General Assembly (UNGA) in New York to mark a pivotal point in the bilateral relations and a further step in developing Iran’s ties with regional countries.

"The two sides exchanged viewpoints on issues of common interest, evaluated the current state of bilateral relations, and looked forward to their improvement. The talks opened up a new horizon on the path of mutual ties between the two countries," Kanaani said, expressing hope of "positive steps" toward enhancing relations between Iran and Egypt.

Read more: 'Israel' fears Iranian-Egyptian rapprochement

This comes a month after Chairman of the Egyptian Council for Foreign Affairs, Mohamed el Orabi, stated in an interview with the Arab World Press (AWP) news agency that the bilateral communications are ongoing but claimed it is not necessary to publicize them.

"The issue is very simple and should not become complicated. Restoration of full relations with Tehran will happen eventually, but Egypt has its reservations," el Orabi said, adding that the diplomatic interactions remain, and although they have not been severed, "determining factors" which are "unique in essence” must be considered when it comes to re-establishing ties. 

His statement was in reference to when Egypt cut off diplomatic relations with Iran in 1980 after Egypt hosted the ousted Pahlavi ruler of Iran alongside recognizing the Israeli occupation.