Iran, Brazil set target of $5B trade

Iran, Brazil set target of $5B trade

Baku, Azerbaijan, Oct. 27

By Fatih Karimov - Trend:

Iran and Brazil agreed to boost their bilateral trade to $5 billion, Iranian Finance and Economic Affairs Minister Ali Tayebnia said.

"I think that the goal is attainable thanks to potentials and capacities of the two countries," IRIB quoted Tayebnia as saying Oct. 27.

He made the remarks on the sidelines of a meeting with Brazilian Development, Industry and Foreign Trade Minister Armando Monteiro in Tehran.

The two sides also discussed ways to expand joint trade and investment, and decided to hold their joint economic cooperation meeting in the first quarter of the next year, Tayebnia said.

Prior to that, special committees on finance, banking, insurance, customs, and investment regulations, he noted.

The Brazilian minister, for his part, said that the implementation of the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers on Iran's nuclear program is of high importance for Brazil.

The time is ripe for Iran to come back to the international community and pave the way for improving foreign investment in the country, Monteiro said.

Trade between Iran and Brazil stood at $254.631 million in the previous Iranian calendar year, which ended on March 20, with the balance tipped in favor of Brazil.

Iran exported $76.762 million of non-oil goods (mainly chemical fertilizers and plastic products) to Brazil and imported $331.393 million of non-oil goods (mainly corn, beef, sugar and oil) from the country in the past year.

Brazil is Iran's major Latin American trade partner. Carpet, raisin and petrochemical products are the main goods Iran exports to Brazil. Meat, sugar and corn are the major products Iran imports form the country.

Edited by CN

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