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Iran raps West’s control of global econ.

11 October 2011 18:18

Iran’s Foreign Minister Ali Akbar Salehi has criticized the domination of certain hegemonic countries over the world’s financial procedures and economic institutions.

He said that the West’s monetary policies have negatively impacted the economies of Asian countries, IRNA reported on Monday.

Salehi made the remarks during an address to the 10th ministerial meeting of the Asian Cooperation Dialogue (ACD) in Kuwait.

He called on ACD member states to take practical decisions to thwart unjustified interference by some Western countries in Asia.

He underlined the importance of cooperation among Asian countries with respect to the current global economic crisis and said ACD members needed to adopt appropriate measures against any future global challenges.

Salehi also called on Asian countries to use their economic and banking potentials to boost their financial operations and investment as a preemptive measure against possible economic woes.

Established in 2002, the Asian Cooperation Dialogue seeks to promote Asian cooperation at a continental level and to help integrate separate regional cooperation organizations.

The ACD also aims to consolidate Asian strengths and fortify Asia’s competitiveness by maximizing the diversity and rich resources in Asia.

The body, originally founded by 18 members, currently comprises of 31 member states.

Iran joined the ACD on June 21, 2004.

The 9th ACD ministerial meeting was held in Tehran from November 8 to 9 last year. The 11th gathering is to be held in Tajikistan in 2012.

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