TEHRAN (IRNA) -- Foreign Minister Manuchehr Mottaki on Tuesday expressed Iran's readiness to expand broad and effective economic cooperation and establish regional peace and security.

Mottaki made the remark while addressing the inaugural ceremony of the 6th session of the Ministerial Council of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC).

"New approach of Iran's foreign policy is based on important elements of promoting justice and peace and removing threats which are being followed up based on principles of dignity, wisdom and national interests.

"Iran seeks regional security and welfare for all regional states through expansion of bilateral and multilateral ties with neighbors, promotion of regional treaties within frameworks of South-South cooperation and opposition to unilateralism.

"Iran stresses a multi-polar world to serve the interests of regional states," he said.

He added, "Focus on economic cooperation will provide maximum opportunities for development and preservation of common interests of the IOR-ARC member states.

"The IOR-ARC, as an economic block with 18 member states and great natural resources and workforce and complementary and different economies, has reached a point that can play its appropriate role in relation to important international economic issues and turn into an effective and efficient body.

"It has obtained necessary potentials to achieve its goals by drawing frameworks and plans.

"The IOR-ARC states can pave the way for achievement of their ambitious goals as they enjoy a strong background emanating from political will and economic potentials and through convergence and collective cooperation."

Mottaki said, "Iran attaches special importance to regional cooperation and the IOR-ARC in particular. It will use its utmost capabilities to promote the group and cooperation among its members.

"The Islamic Republic of Iran is ready to prepare the ground for speedy and successful implementation of the association's programs.

"As the first step after membership at the association, Iran dispatched an expert to the IOR-ARC's secretariat to strengthen it."

The Iranian minister called on the association's member states to adopt similar strategies to this effect.

He highlighted the importance of implementing programs which would facilitate economic liberalization, encourage foreign investment, bolster scientific and technical cooperation and promote tourism and human resources.

Mottaki proposed, "Plans which are under study by the association's expert groups should materialize its goals by taking into consideration common interests of all members. So all members will have enough motives for participation."

He stated, "Iran proposed cooperation in various fields of energy particularly in the area of LNG given the membership of oil and gas producing states in the grouping."

The minister also pointed to the important role of the private sector in economy and said, "Governments should prepare the ground for further participation and cooperation among private sectors to make use of economic achievements and new investment projects."

"Encouragement of private sectors of the IOR-ARC member states for serious their participation in plans and projects will boost cooperation."