Economy, Domestic Economy

Tehran, Brasilia Set $5b Trade Target

Tehran, Brasilia Set  $5b Trade TargetTehran, Brasilia Set  $5b Trade Target

Iranian Economy Minister Ali Tayyebnia said Iran and Brazil plan to raise bilateral trade to $5 billion, adding that the target is within reach in view of the two countries' potential.

Tayyebnia made the remarks after meeting the Brazilian Minister of Development, Industry and Foreign Trade Armando Monteiro on Tuesday.

The Iranian minister announced that Brazil will host the next session of Iran-Brazil Economic Cooperation Commission in the first quarter of 2016. The commission has not been convened since 1995.

Monteiro, accompanied by Minister of Mines and Energy Eduardo Braga and 35 Brazilian traders and economic players, is on a three-day visit to Iran to strengthen bilateral relations in trade, energy, banking and agriculture sectors.

The tour follows the visit of Tayyebnia to Brasilia in mid-October.

“To boost bilateral trade, it is imperative to expand banking and insurance ties first. Primary agreements on customs cooperation, removal of double taxation and lending support to joint investments are also necessary,” he said.

"The Brazilian mission's visit is a great opportunity for the private and public sectors of the two countries to strike investment deals."

The Brazilian minister viewed his meeting with Tayyebnia as "constructive" and said the time is ripe for Iran to make a comeback to the international scene.

“That I am accompanied by high-ranking representatives of the Brazilian government and executive bodies in mining, energy and customs sectors is testament to my country's willingness to strengthen economic relations with Iran,” he said.

> Land Outsourcing

Separately on Monday, Monteiro met with Mohsen Jalalpour, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture.

“Iran and Brazil have common grounds for cooperation in the ‘Beyond Border Farming’ program, particularly in the production of grains and oilseeds for populous countries of the region,” said the ICCIMA chief.

Iran’s Ministry of Agricultural Jihad plans to reduce the country’s dependence on food imports by renting arable land in other countries. To this end, the ministry has picked few countries, including Brazil, Ukraine, Kazakhstan and Ghana, based on a variety of factors, including climate suitability and availability of fallow land.

The Brazilian minister expressed his country’s willingness to cooperate with Iran in pharmaceutical, automotive, aviation and the services sectors such as software and IT, ISNA reported.

"Brazil will implement Iran’s outsourcing agriculture program in a few months," he said.