Iran, Brazil stress joint roadmap for economic cooperation

TEHRAN- The Iranian Deputy Minister of Economic Affairs and Finance and Brazil's Deputy Minister of Economy met on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting in Jaipur, India, to review cooperation capacities between the two countries. They emphasized the need for a joint roadmap to expand economic relations, support the private sector, and increase bilateral trade.

According to IRNA, Mehdi Heydari, Iran's Deputy Minister of Economic Affairs and Finance, held talks with Matias Alencastro, Brazil's Deputy Minister of Economy for International Affairs, to explore ways to develop and facilitate economic and trade cooperation between the two nations.

During the meeting, both sides reviewed the capacities and areas of economic cooperation between Iran and Brazil and stressed the necessity of drafting a joint roadmap for economic collaboration aimed at supporting private sector activity and boosting bilateral trade.

Heydari expressed gratitude for Brazil's support of Iran's membership in the New Development Bank (NDB), emphasized the complementary nature of the two countries' needs and production capacities, and proposed designing operational mechanisms to support the private sector and develop bilateral trade.

The Iranian deputy minister identified utilizing capacities such as local currency transactions and barter arrangements for certain products of the two countries as measures that could help reduce existing trade barriers.

During the meeting, both sides also emphasized the importance of establishing stability and resilience in the value chain of goods between the two countries as a prerequisite for expanding bilateral trade.

Enhancing agricultural cooperation, particularly in exchanging goods needed by both countries, and designing a reliable mechanism to facilitate trade exchanges were among other areas of mutual agreement.

Given the presence and activity of Iranian and Brazilian investors and with the aim of providing a suitable platform for developing these interactions, the two sides stressed the need to pursue negotiations and finalize basic economic agreements, including a double taxation avoidance agreement and an agreement on the encouragement and reciprocal protection of investments.

In conclusion, Iran's Deputy Minister of Economy and Brazil's Deputy Minister of Economy emphasized the continuation of consultations and follow-up on existing agreements with the goal of deepening economic ties, increasing bilateral trade, and preparing the ground for greater presence and activity of the private sector in both countries.

EF/MA