Iran has offered to hold a meeting with the economy ministries of Syria, Iraq and Turkey to discuss setting up an economic bloc in the region. The offer was made by Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini, during a meeting with Syrian Minister of Economy and Trade Lami'al- 'Assi in Tehran on August 28. [Iranian Press TV, which reported on the meeting did not provide the Syrian minister's response to the offer.]

Hosseini added that Iranian and Syrian officials plan to discuss setting up a joint investment company and the expansion of banking and insurance cooperation with two months.

[The idea of an economic bloc under Iranian auspices is a way for Iran to mitigate the burden of the sanctions by entering into association with countries that can import what Iran needs.]

Source: Press TV, Iran, August 22, 2010