TEHRAN - Malaysia is expected to sign free trade agreement (FTA) with Iran by year-end, said International Trade and Industry Minister Datuk Seri Ong Ka Chuan, Bernama reported.

In June, Iran and Malaysia signed a cooperation agreement in Tehran, 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.

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

In May 2016, a Malaysian trade delegation led by Dzulkifli Mahmud, the chief executive officer of Malaysia External Trade Development Corporation known as MATRADE, traveled to Iran for holding talks to expand bilateral relations.

During the visit, the CEO of MATRADE said that a preferential trade agreement will be signed for the expansion of relations between the two countries.

MG