The Brazilian secretary for foreign trade said Brasilia has developed a mechanism in a attempt to boost its bilateral trade ties with Tehran.
"Iran has also been a traditional trading partner to Brazil. We are working closely to that government in order to also push exports and imports," Daniel Marteleto Godinho told Sputnik on Wednesday.
He added that Brazilian authorities have established a mechanism to explore business opportunities in the Islamic Republic and enhance trade relations with the Middle Eastern nation.
Brazil is Iran’s most important economic partner in Latin America. The two countries have an annual bilateral trade value of $1.6 billion.
Brazil mainly exports to Iran its meat, sugar and corn products, and Tehran’s major exports to Brazil include carpet, raisin, and petrochemicals.
As the seventh largest economy in the world, Brazil is one of the regional powers in Latin America, and is trying to join world powers.
Along with Russia, India, and China, which are all deemed to be at a similar stage of newly advanced economic development, Brazil has formed the international group of BRIC. The four BRIC countries account for over a quarter of the world's land area and more than 40% of the world's population.