Brics must expand trade in national currencies, says Iran President Pezeshkian

Malaysia and Iran have been working on strengthening their economic relationship beyond traditional trade, following a meeting between Prime Minister Datuk Seri Anwar Ibrahim and Iranian President Masoud Pezeshkian, according to the New Straits Times (NST). The two leaders emphasized the need to explore high-potential sectors that could lead to concrete investment and commercial outcomes.

Currently, Malaysia-Iran bilateral trade is valued at RM2.45 billion, with Malaysian exports at RM2.17 billion, primarily consisting of palm oil. The energy sector is among the priority areas, with both sides focusing on energy security, efficiency, and sustainable energy systems. Iran's rich energy resources, coupled with Malaysia's expertise in the energy value chain, could lead to mutually beneficial cooperation.

Agriculture and food security were also highlighted as areas of potential growth, with Malaysia's palm oil industry offering opportunities for expanded trade. The halal economy was another area of interest, leveraging Malaysia's globally recognized halal ecosystem and expertise in various industries. Technology, digitalization, and innovation were also identified as potential collaboration areas, including partnerships between companies, research institutions, and universities. Higher education and academic exchanges were also part of the discussions.