Mahdi Heidari, Iran’s deputy economy minister, held talks with 
Mathias De Alencastro, Brazil's deputy minister of economy for international affairs, on the sidelines of a meeting of BRICS finance ministers and central bank governors, where the two sides reviewed areas of potential economic and commercial cooperation.

The officials stressed the need for a framework for bilateral economic cooperation to facilitate private-sector activity and creating new opportunities to expand two-way trade.

Heidari thanked Brazil for its support for Iran’s membership in the New Development Bank (NDB), the BRICS-led multilateral development institution, and highlighted the complementary nature of the two countries’ production capacities and economic needs.

Heidari proposed establishing practical mechanisms to support private-sector businesses and facilitate bilateral trade, including greater use of local currencies in trade settlements and barter arrangements for some goods produced by the two countries.

Such mechanisms, Heidari said, could help mitigate existing constraints on bilateral commerce and provide alternative channels for trade and settlement.

The two sides discussed practical ways to facilitate and expand bilateral economic and trade cooperation, emphasizing the need for a joint roadmap to support the private sector and increase bilateral trade.
They also highlighted opportunities to strengthen agricultural cooperation, particularly through the exchange of essential commodities, and explored establishing a reliable mechanism to facilitate trade between Iran and Brazil.

Agricultural cooperation was identified as another area with significant potential, particularly through increased exchanges of goods required by both markets. The officials also discussed establishing a reliable mechanism to facilitate commercial transactions between Iranian and Brazilian companies.

Against the backdrop of growing investment activity by businesses from both countries, the officials agreed on the need to advance negotiations and finalize key bilateral economic agreements, including a double taxation avoidance agreement and an agreement on the promotion and reciprocal protection of investments.

The agreements are intended to provide greater legal and regulatory certainty for investors and help create a more predictable environment for cross-border investment.

The Iranian and Brazilian officials agreed to maintain consultations and follow up on the understandings reached, to deepen economic relations, expanding bilateral trade and creating greater opportunities for private-sector companies from both countries to participate in each other’s markets.