Brazil, Iran Export Credit Agencies Expand Ties

The Export Guarantee Fund of Iran and Brazil’s fund for export guarantee (ABGF) signed an agreement to expand cooperation on information exchange, reinsurance, and coinsurance, aiming to help ease trade between the two countries. The agreement was signed on the sidelines of the fourth meeting of the Iran-Brazil Joint Economic Commission in Brasilia, the government’s official news website reported on Monday. The meeting was chaired by Brazilian Foreign Minister Jose Serra and Iran’s Minister of Economy and Finance Ali Tayyebnia. The two sides also signed three MoUs to expand cooperation in investment and trade. Officials also set a new target for bilateral trade, aiming to increase it from $2.5 billion this year to $5 billion in foreseeable future.