4th Iran-Brazil Economic Commission Concludes

The meetings of the Fourth Brazil-Iran Economic Commission concluded in Brasilia on Friday.

Minister of Economic Affairs and Finance Ali Tayyebnia led the Iranian side to the joint commission that was last convened in 1995.

While in Brazil, Tayyebnia also met with Brazil’s Minister of Mines and Energy Fernando Coelho Filho who said plans are underway to increase trade between Iran and Brazil to $5 billion from the current $2 billion per annum.

Latest data released by Islamic Republic of Iran Customs Administration shows Iran exported $69.3 million worth of non-oil commodities to Brazil and imported $582.8 million during the seven months to October 20.  Bilateral trade registered a 147% increase in the period compared with last year’s corresponding period. Iran mainly imports soybean, soybean meal, meat and sugar from Brazil and exports raisins, flooring, glassware, mirror and medical equipment in return.