(MENAFN) Malaysia is highly considering expanding it trade ties with Iran beyond the current palm oil products' joint business, especially in oil/gas schemes, based on recent data.
In accordance, trade between Iran and Malaysia dipped slightly last year due to decreased imports of oil products by Iran and issues relating to payments for Malaysia's exports.
In particular, Malaysia's overall exports to the Islamic Republic declined 10.6 percent to USD470 million over the previous year as opposed to USD525.3 million in 2014.
"Both countries can focus on improving relations, particularly in the economic, political and cultural fields. Fortunately both sides are eager," stated Iran's Ambassador to Malaysia.
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