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The economic arrangement aim to strengthen the vital economic lifeline propping up the Syrian regime in the face of Western sanctions.
A Saudi delegation visited Iran on Saturday to discuss reopening the kingdom's diplomatic missions there.
Tehran and Riyadh announced an agreement last month to restore relations that had been severed seven years ago when protesters in Iran attacked Saudi diplomatic missions.
The top envoys for Saudi Arabia and Iran will meet in Beijing on Thursday, according to an Iranian official and a Saudi-owned newspaper.
Middle Eastern and international players met in Jordan on Tuesday to discuss the region's multiple crises, with Iraq topping the agenda.
Previously, Iranian officials had denied arming Russia in its war on Ukraine.
The joint security agreement, signed in Baghdad, includes coordination in "protecting the common borders between the two countries and consolidating cooperation in several security fields"
Saudi Arabia and Iran restored diplomatic relations with each other over a week ago, following a seven-year-long dispute.
Iran's top security official met Emirati president Sheikh Al-Nayhan after a shock rapprochement between Tehran and Riyadh.
Iran has accused the United States of using and supporting Mahsa Amini protests to gain concessions in nuclear talks aimed at restoring the 2015 nuclear agreement.