Economy, Business And Markets

Malaysia, Iran Seek Ways to Remove Banking Hurdles

Malaysia, Iran Seek Ways to Remove Banking Hurdles
Malaysia, Iran Seek Ways to Remove Banking Hurdles

First Vice President Es’haq Jahangiri and Malaysia’s Minister of Foreign Trade Mustafa Muhammad met in Tehran to discuss ways to remove banking obstacles existing due to the residual US economic sanctions.

The two sides met Sunday evening and stressed banking cooperation as crucial in boosting bilateral trade, Mehr News Agency reported.

Jahangiri referred to the recent visit of President Hassan Rouhani to Kuala Lumpur, and expressed the hope that “agreements reached between the two countries’ leaders would lead to expansion of economic relations.”

He deemed the reactivation of the two countries’ private sectors a prerequisite to improving cooperation and noted that Iranian trade and industrial companies are eager to cooperate with their Malaysian counterparts.

Jahangiri added that Tehran attaches great importance to the role of Iran-Malaysia Joint Economic Commission in expanding bilateral trade ties.

He thanked Malaysia for supporting Iran’s accession to ASEAN’s Treaty of Amity and Cooperation in Southeast Asia (TAC) and said,  “Iran and Malaysia can initiate joint cooperation with third countries in Central Asia and the Persian Gulf region.”

The Malaysian minister, for his part, maintained that the aim of his visit to Tehran was to follow up on the agreements made during  Rouhani’s visit to his country.

Muhammad highlighted the need for expanding trade transactions with Iran, saying “we need to make efforts to remove banking hurdles as soon as possible in order to expand and improve economic transactions between the two nations.”

He called for mutually-beneficial cooperation in the fields of oil, gas, automobile manufacturing, and academic affairs.

Add new comment

Read our comment policy before posting your viewpoints