Saudi - Iranian economic committee established

Iran announced that it will form a joint economic committee with Saudi Arabia and that Saudi foreign ministers will hold periodical meetings, as Kamal Kharazi, Iran's foreign minister said.

Kharazi emphasized the political will in the two capitals to expand and develop economic and political relations, describing the current relations between Tehran and Riyadh as very good and positive.

He also said that relations improved greatly during the visit of Former Iranian President Hashami Rafsanjani to Saudi Arabia. Kharazi said the atmosphere enables Iran and Saudi Arabia to assume an important role at the Islamic level while.

"From the very beginning we did not see the Middle East peace process as a just one that leads to the right way," Kharazi added, saying that his country expected the current problems in the peace talks.

Kharazi said that the Palestinians were trapped into attending Madrid conference but Iran believes that everybody regretted what the Palestinians have done.

The Iranian Foreign Minister warned against Israel's arsenal of mass-destruction weapons in constituting a threat to the region's countries.