After meeting with Brazil’s Minister of Development, Industry and Trade Armando Monteiro and his accompanying delegation, Iran’s Minister of Economic Affairs and Finance Ali Tayebnia said the parties have agreed on increasing the trade level up to $5bn "which seems reachable due to great capacities of Iran and Brazil."

Tayebnia referred to his recent trip to Brazil adding “subsequently, a top-ranked Brazilian delegation has travelled to Iran and it has been decided that a joint commission be formed on economic cooperation between Iran and Brazil in the first quarter of the next Iranian calendar year.”

“Before the formation of the joint commission, several specialized committees will be organized to prepare the necessary documents for financial, banking, insurance, customs and joint venture relations,” he asserted.

Armando Monteiro, Brazil’s Minister of Development, Industry and Trade, for his part, said, “our president has always intended to help with Iran’s nuclear issues,” and added: “the time is ripe now for Iran to return to the international community and the grounds for development of Iran’s foreign relations must be prepared.”

Monteiro deemed the joint meeting with Iran’s economy minister as highly constructive asserting “we discussed trade and investment matters as well as other issues of common interest at the meeting.”

“We made an effort to promote relations between Iran and Brazil in public and private sectors and we are capable of having useful bilateral relations,” he concluded.

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