Iran Makes Veiled Attack On U.S. Over Global Economic Crisis

New Delhi, Nov 16, IRNA -- Iran on Tuesday used the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) platform to make an indirect attack on the US, blaming its policies for the present global economic crisis. Addressing the 11th Council of Ministers Meeting of the 18-member regional grouping in Bangalore, Iran Deputy Foreign Minister, Mohammad Mehdi Akhondzadeh, noted, 'The economic crisis caused by unjust global financial and economic mismanagement by a certain power has created a situation that no single country could escape its negative impact on its overall development programs,' pti reported Akhondzadeh said certain countries wanted to make 'instrumental exploitation' of international economy and political bodies in favour of their own interest. No significant change would be expected to occur in the global economic status unless every country played its role in reforming the present economic situation, he said. Meanwhile, other speakers at the meeting dwelt on the issue of sea piracy and pressed the need for coordinated action to fight the menace. Besides Iran, India and Yemen, the countries in the grouping are: Australia, Bangladesh, Indonesia, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Singapore, South Africa, Sri Lanka, Tanzania, Thailand and the UAE. Meanwhile, India formally took over from Yemen, the chair of IOR-ARC for a period of two years on November 0, 2011. The Indian Ocean Rim-Association for Regional Cooperation (IOR-ARC), initially known as the Indian Ocean Rim Initiative, is an international organization with 18 member states. It was first established in Mauritius on March 1995 and formally launched on 6–7 March 1997. The Association disseminates information on trade and investment regimes, with a view to helping the region's business community better understand the impediments to trade and investment within the region. These information exchanges have been intended to serve as a base to expand intra-regional trade./end