Muscat: The Sultanate of Oman and the Islamic Republic of Iran have agreed to establish the 'Strait of Hormuz Committee', emphasizing that all arrangements regarding the Strait must fully respect the sovereignty and rights of both coastal nations. Following a recent visit to Muscat by Iranian Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Seyed Abbas Araghchi, the two countries issued a joint statement. According to Islamic Republic News Agency, they agreed to continue talks by establishing a joint committee between their respective ministries of foreign affairs to follow up on the future management of shipping in the Strait of Hormuz. This includes the associated services to be provided and the fees for the services, all in accordance with international standards. The two coastal states bordering the Strait of Hormuz reaffirm their steadfast commitment to ensuring safe passage through the Strait in full conformity with the relevant provisions of international law, while underscoring their sovereignty and sovereign rights over their respective territorial waters in the Strait. The two sides also deliberated on matters relating to the Strait in accordance with the provisions set forth in the 'Islamabad MoU' recently signed between Iran and the US.