Iranian and Philippines officials on Tuesday studied the ways to develop economic cooperation, IRNA reported.
Iran's vice-president for planning and strategy affairs Behrouz Moradi and the Philippines' minister of commerce and industry Gregory Domingo reviewed the two countries' capacities to enhance level of trade and economic cooperation.
Moradi said that the two states boast of extensive capacities to expand mutual cooperation in the field of sea transport, agriculture and tourism.
Stressing the need to promote cooperation in the areas of banking, insurance and customs, he further noted that the Philippines' geographical location in Atlas and Pacific oceans and Iran's strategic situation linking Asia to Europe and Africa are considered major capacities of the two countries.
Moradi said that Tehran and Manila can boost cooperation in the field of technical services, agricultural machinery and industrial hardware.
He put the imports of the Philippines from Iran last year at dlrs 850 million and said that crude oil and oil derivatives constitute the main part of Iranian exports to the Philippines.
Iran imports the large section of its banana demands from Manila, he added.
Domingo, for his part, said that given the banking sanctions on Iran, barter trade will be convenient to meet market needs of one another.