The ceremony on the Iraq-Jordan border was attended by Iraqi Prime Minister Adel Abdul-Mahdi and his Jordanian counterpart Omar Razzaz.
Saturday's meeting was also attended by top officials as the former neighbors boost their relations following the defeat of Islamic State, which controlled areas in Iraq bordering Jordan.
The border crossing was formally reopened Saturday.
As part of the agreement between the two countries that was signed in late December, oil-rich Iraq will supply Jordan with 10,000 barrels a day at a lower price.
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Abdul-Mahdi's office said Iraqi officials were handed 1,300 pieces of antiquities that Jordanian authorities confiscated from smugglers.
Iraqi goods imported via Jordan's Aqaba port on the Red Sea would meanwhile receive preferential tariffs, the Jordanian prime minister's office said in a statement.
Aqaba port at the north end of the Red Sea has long been a major transit route for Iraqi imports and exports, and Amman has long relied on Iraqi crude to fuel its economy.
Razzaz's office also said Jordan would begin to export electricity to Iraq within the next two years.
Abdul-Mahdi says the government aims to decrease dependency on oil exports for state revenue. Oil exports from OPEC's second-largest producer account for more than 95 percent of state revenues.