Tasnim � Iran�s Defense Minister Brigadier General Amir Hatami mocked the US� humiliating defeat after the rejection of its bid for the extension of a UN arms embargo on Iran, expressing Tehran�s readiness for arms trade with the friends.

Speaking at a press conference on Sunday, General Hatami said the US suffered a humiliating defeat at the UN Security Council when the body voted against a draft resolution initiated by Washington to extend the arms embargo on Iran, which is going to expire in October in accordance with the 2015 nuclear deal.

The minister said Iran was faced with a series of 5-year restrictions on arms trade, not sanctions, following the UNSC Resolution 2231 that endorsed the JCPOA, but never asked for permission from the UNSC in the meanwhile because of the US� influence over the council.

Iran would take any opportunity to work with friendly countries to supply its technological and arms demands and to sell its products, he added.

Highlighting Iran�s progress in the defense industry under the pressure of sanctions, Hatami said more than 90 percent of the country�s military and defense needs are supplied locally at present.

Apart from meeting the domestic demands, the Iranian defense industries are prepared to help the other sectors as well, the minister noted.

He also hailed the country�s knowledge-based companies for collaborating with the Defense Ministry in developing defense products.

The US suffered an embarrassing diplomatic defeat on Friday when the United Nations Security Council rejected a proposal to indefinitely extend the arms embargo on Iran.

The embargo on conventional arms is due to expire on October 18 under the terms of a resolution that blessed the Iran nuclear deal, signed in July 2015 and officially known as the Joint Comprehensive Plan of Action (JCPOA).