Iran annually imports $5 billion worth of essential goods from Brazil with a customs duty of up to 4% while the Islamic Republic’s exports to the South American country is less than $100 million per year, says the head of Iran-Brazil Chamber of Commerce.
Speaking to ILNA, Fakhreddin Amerian added that Brazil imposes over 100% in duties on Iranian exports and called on parliamentarians to pass a bill on devising a preferential trade agreement between the two countries for cutting Brazil’s import tariffs on Iranian goods for a more balanced bilateral trade regime.
“Iran can boost its exports of petrochemical products, gasoline, pistachio, raisins and dates to Brazil,” he said.
The official noted that Iran imports 50-60% of its essential goods from Brazil.
Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.
Speaking in an online webinar on potentials for cooperation between Iran and Brazil in late October, Amerian urged the Iranian officials to make use of barter trade in transactions with Brazil, stressing that “we have to rise exports [to Brazil] by at least $1 billion.”