A meeting of a Brazilian-Iranian commission concluded here Friday with agreement to foster expanded bilateral trade and investment.

The conference was chaired by Brazilian Foreign Minister Jose Serra and Iran’s minister of economy and finance, Ali Tayebnia.

The two governments resolved to encourage more alliances between firms in Brazil and Iran, among other steps, according to Brazilian official sources.

Trade between Brazil and Iran totaled $1.67 billion last year, consisting mainly of sales of Brazilian agricultural goods to the Islamic Republic.

Food was not covered by the U.N. sanctions imposed on Iran over its nuclear program.

With the lifting of the punitive measures following an accord on Tehran’s nuclear activities, the Brazilian government hopes to see bilateral trade with Iran recover to the pre-sanctions level of around $2.5 billion annually.

Source: foxnews.com