Astana, Oct 16 (IANS) Iran Thursday blamed the ambitious policies of the US for the global financial crisis and advocated an overhaul of industrial and banking sectors.”The global financial meltdown has been caused by a superpower and unfortunately the world is paying for it,” Iranian Foreign Minister Manouchehr Mottaki said while addressing the 7th conference of the Asia Cooperation Dialogue (ACD) held in this Kazakhstan capital.

“The US’ ambitious policies that were doomed to fail are the main causes of the financial crisis,” Mottaki said.

Advocating an overhaul of global industrial and banking sectors, the Iranian minister told representatives of Asian governments that “justice based ways and means could save us from the crisis”.

Foreign ministers and diplomats from 30 countries discussed a range of issues at the meet.

Amongst the issues being discussed are the energy and food crises, development of an international transport corridor and initiating a common financial management in the region. The member states, including India represented by its ambassador in Astana Ashok Sajjanhar, stressed on cooperation on these issues.