Azerbaijan, Baku, Oct.13/ Trend F.Karimov/
Iran is ready to join the association of five major emerging national economies, namely Brazil, Russia, India, China and South Africa, known as BRICS, the Mehr News Agency quoted Iranian Deputy Economy Minister Behrouz Alishiri as saying.
At a meeting with the Brazilian deputy economy minister on the sidelines of the World Bank Group and the International Monetary Fund meeting, Alishiri said the two countries should take advantage of their potentials to boost the bilateral trade.
In August, Iranian Ambassador to Brazil Mohammad Ali Ghanizadeh said that Iran and Brazil have the capacity to boost their bilateral ties to $10 billion per year.
According to Ghanizadeh, the two countries' bilateral trade volume currently stands at $3.2 billion.
"The current volume of bilateral trades is way lower than the two countries' potentials," he said.
Brazil remains Iran's main trading partner and exporter in Latin America. The country's top exports to Iran include food, medicaments, and minerals.
As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of $16.039 trillion, and an estimated $4 trillion in combined foreign reserves.