The Iran-Brazil Friendship Association has announced that the Islamic Republic plans to open a trade center in the Brazilian capital Brasilia, PRESS TV reported.
Director of the association, Mirqasem Mo'meni, told Fars News Agency on Saturday that the center would further promote trade cooperation between the two countries.
He added that considering the growing level of bilateral trade transactions, setting up the center would facilitate expanded trade between Iranian and Brazilian businessmen.
Mo'meni also stated that the project to set up the trade center will begin in late July.
In February, Brazilian Foreign Minister Antonio Patriota announced that Brazil will maintain its ties with Iran under new President Dilma Rousseff, continuing the cordial relationship expanded under former President Luiz Inacio Lula da Silva.
Iran and Brazil enjoyed close and friendly ties under President Lula, and Patriota noted that the new government would maintain the same level of ties with Iran, saying, "Rousseff will stay on the paths of her predecessor and mentor Lula da Silva."
Iranian President Mahmoud Ahmadinejad has expanded Tehran's cooperation with many Latin American states, including Brazil and Venezuela, since he took office in 2005.
The International Monetary Fund announced in a report in December 2009 that Brazil is the largest trade partner of the Islamic Republic in Latin America.