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Iran, Brazil ramping up bilateral trade ties

Yusef Jalali

Press TV, Tehran

Trade ties between Iran and Brazil are growing. This is according to Iranian and Brazilian officials who have met in a business forum in Tehran, aimed at boosting bilateral trade.

Iran and Brazil are more than 12,000 kilometers apart, but their ties are getting closer. Iranian and Brazilian businessmen and officials are here to ramp up bilateral trade between Tehran and Brasilia.

The ambassadors of the two countries both agree that commercial exchange between the two sides are low. Brazil remains Iran's major trade partner in Latin America against all odds. Bilateral trade between the two nations reached 2.5 billion dollars in 2021, despite challenges including US sanctions on Iran and the coronavirus pandemic.

However, the trade is asymmetrically balanced in favor of Brazil. Last year Iran exported less than 200 million dollars worth of commodities to Brazil while it has imported 2.3 billion dollars worth of Brazilian goods, including food and agricultural products.

In December last year, the Iran-Brazil Joint Chamber of Commerce opened its office in Brazil's Sao Paolo. The two countries are also planning to boost banking cooperation to facilitate money transfer. Observers say if all goes as planned commercial exchange between the two states will hit 10 billion dollars by 2025.

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