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EghtesadOnline: Malaysia will embark on a free trade agreement talks with Iran to take advantage of the potential growth of bilateral business since trade sanctions against Tehran were lifted in January, said Malaysian International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

The Malaysian Cabinet has given the green light for the minister to proceed with the FTA talks.

“In terms of bilateral trade, the volume has been small—about $700 million in 2015, but we hope, since the sanctions have been lifted, to boost Malaysian exports (to Iran) especially palm oil,” he was quoted as saying by New Strait Times at a media briefing on the trade and investment outlook for 2017.

Both governments agreed, during a visit by Iranian President Hassan Rouhani in October, to double the trade volume, Financial Tribune reported.

Mustapa also added that currently palm oil exports are subject to 40% tariffs.

“With a population of 80 million, Iran is one of the largest markets in the Persian Gulf region and already businesses are making a beeline to tap into the business potential since the sanctions were lifted in January,” he said.

JCPOA Iran deal Free Trade Agreement Iran-Malaysia trade Iran-Malaysia FTA Datuk Seri Mustapa Mohamed