Iran, Malaysia hold talks on preferential trade
BAKU, Azerbaijan, September 24
By Elnur Baghishov – Trend:
The discussions on preferential trade between Iran and Malaysia are expected to reach a final stage soon, Trend reports citing Trade Promotion Organization of Iran.
This was reflected at a meeting held between Reza Aghazadeh the Director General for Asia and Pacific Office of Trade Promotion Organization of Iran (TPOI), and Yahri Yaacob Deputy Secretary General of Ministry of International Trade of Malaysia via a video conference.
According to the report, both sides discussed technical issues related to the preferential trade agreement.
“In addition, both sides stressed the importance of facilitating the exchange of products under the trade agreement,” the report said.
The annual trade turnover between Iran and Malaysia in some years amounted to $600 million. However, this figure has decreased to $300 million a year over the past five years.
According to the report, Iran exports gas condensate, steel layers, bitumen, urea, steel ingots, sponge iron, butadiene, molybdenum oxide and other products to Malaysia, while importing palm kernel oil, natural latex, natural rubber, graphite electrodes, etc.