Iran, Venezuela to increase financial ties up to USD 18bn – foreign minister

Iran Materials 20 April 2007 15:41 (UTC +04:00)

( IRNA ) - Iran and Venezuela are to increase volume of their bilateral financial trade to USD 18 billion, Iran's Minister of Foreign Affairs Manouchehr Mottaki said on Thursday. Speaking in a joint press conference with his Venezuelan Counterpart Nicolas Maduro Moros, Mottaki said that the volume of the financial agreements signed by Tehran and Caracas stood at USD 2.5 billion while the volume of their financial Memoranda of Understanding (MoU) was USD 5.5 billion.

He stressed that talks are underway now between Iranian and Venezuelan officials to increase the volume of bilateral trade to USD 2.8 billion.

Referring to the high potentials for promotion of Tehran-Caracas trade ties, the Iranian minister stressed that the two capitals' economic cooperation could have a complementary effect for promotion of their economies.

Pointing to the failure of the US hegemony in Latin America, Mottaki said that Washington's policies were also futile in the Middle East region.

He noted that a new world system was emerging which would be ruled by world nations.

"The basic message of this new system is peace, justice, brotherhood and friendship," said the Iranian minister who is in Venezuela to discuss major bilateral and international issues with senior officials of the country.

The Venezuelan foreign minister, for his part, supported Iran's indisputable right to access peaceful nuclear technology.

Maduro Moros also referred to the cooperation among Latin American countries calling on the people of Venezuela to maintain their solidarity to confront US conspiracies for overthrowing the legitimate government of Venezuela.

Referring to the failure of the US policies in Iraq, Afghanistan, Lebanon and the Latin America, the Venezuelan minister stressed that Washington's anti-Iran policies have also faced a strong failure.

Supporting Mottaki's comments about emergence of a new world system, Maduro Moros said that the new system is based on mutual respect and solidarity of different nations.