TEHRAN - Iran and Malaysia signed a cooperation agreement in Tehran on Wednesday, preparing the ground to triple bilateral trade to around $2 billion.

Iranian Minister of Communications and Information Technology Mahmoud Vaezi and Malaysian Minister of International Trade and Industry Mustapa Mohamed signed the agreement, IRNA reported.

On the sidelines of the signing ceremony, Vaezi put the current value of trade between the two countries at around $700 million.

The Malaysian minister and his accompanying delegation arrived in Tehran on Monday.

On Wednesday, Vaezi and Mohamed paid a visit to a medicine factory, which has been established through a joint venture, 70 percent financed by Iran and 30 percent by Malaysia. “The factory will supply its products to the Iranian market within four months,” the Iranian minister said.

In February 2017, Iran and Malaysia called for boosting of bilateral trade ties using Japanese yen and Chinese Yuan. Earlier in the same month, Malaysia’s Minister of Plantation Industries and Commodities Mah Siew Keong visited Tehran, leading a 25-member trade delegation.

HJ/MA