Iran's President said that the US reckless use of cruel economic tools against independent nations is economic terrorism.

Iran Press/Asia: President Rouhani made the remarks at the 18th Summit of the Non-Aligned Movement in Baku, the capital of Azerbaijan Republic on Friday.

Iranian President emphasized that the Non-Aligned Movement, backed by a large population and a large territory and given its votes in the international arena, could establish a new pole of power in a future multipolar world.

He stated: "Reaching this goal requires understanding the new realities, it is regional and international and employs new tools and features of today's world."

"The stability and security of our neighbors is our stability and security. Regional security can only be achieved through the cooperation and partnership of neighbors," Rouhani said, referring to the tensions in the Persian Gulf region. "We welcome any initiative based on dialogue, negotiation, and mutual respect."

Iran's President went on to refer to the US sanctions and said: "The US abuse of the dollar as an economic weapon is in direct conflict with the legitimate rights and freedoms of independent nations."

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