Malaysia-Iran keen to return post-sanction ties

 |Oct 24, 2016
Malaysia and Iran looking forward to bolster better economic and trade ties.
Malaysia and Iran looking forward to bolster better economic and trade ties.

Malaysia and Iran is determined to sign a feasibility trade agreement and to return their relations to post-sanction levels, Iran’s Mehr News Agency (MNA) reports.

Minister of Foreign Trade and Industry of Malaysia Mustafa Muhammad made the announcement here in Tehran after a meeting with Iran’s ICT Minister Mahmoud Vaezi, adding “the signing of the feasibility trade agreement will boost the two countries’ level of cooperation.”

“It was agreed that Iran-Malaysia Joint Economic Commission will be held in Tehran next year. The commission will not only address economic issues, but also the issues related to information and communication technology,” he said.

The minister noted that the anti-Iranian sanctions had considerably reduced the level of relations between Tehran and Kuala Lumpur; adding that since last year, there has been some development in bilateral ties and the two countries are determined to restore their relations back to how it was before the sanctions.

He noted that expansion of economic ties in the field of petrochemicals and oil as highly important, adding that Petronas and the Al-Bukhary corporations are keenly interested in taking part in Iran’s oil and gas projects.

He also announced the launch of talks between representatives of Iranian and Malaysian central banks Monday for reviewing ways for furthering cooperation.

The Malaysian Minister of Foreign Trade and Industry arrived in Tehran on Saturday, about two weeks after the visit of President Hassan Rouhani to Kuala Lumpur.

Mustafa Muhammad also chairs the Iran-Malaysia Joint Economic Commission.

Source: Bernama