Iran, Brazil discuss expanding joint investments

TEHRAN, Oct. 14 (MNA) – In a meeting between Iranian Deputy Economy Minister Behrouz Alishiri and his Brazilian counterpart on the sidelines of the World Bank Group and the International Monetary Fund meeting, Alishiri said the two countries should take advantage of their potentials to boost the bilateral trade.

 Iran is ready to join the association of five major emerging national economies, namely Brazil, Russia, India, China and South Africa, known as BRICS, Alishiri said.
 
In August, Iranian Ambassador to Brazil Mohammad Ali Ghanizadeh said that Iran and Brazil have the capacity to boost their bilateral ties to 10 billion dollars per year.
 
According to Ghanizadeh, the two countries' bilateral trade volume currently stands at 3.2 billion dollars.
"The current volume of bilateral trades is way lower than the two countries' potentials," he said.
 
Brazil remains Iran's main trading partner and exporter in Latin America. The country's top exports to Iran include food, medication, and minerals.
 
As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of $16.039 trillion, and an estimated $4 trillion in combined foreign reserves.

MNA

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News Code 56851

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