Iran and Brazil on Tuesday said they agreed to develop a joint roadmap to deepen economic and trade relations between the two countries.

According to TV BRICS, the agreement was reached during a meeting between Iranian and Brazilian economic officials on the sidelines of the first BRICS finance ministers’ meeting in Jaipur, India.

The officials, Iran’s Deputy Minister of Economic Affairs and Finance, Mahdi Heidari, and Brazil’s Vice Minister of Economy for International Affairs, Matias Alencastro, discussed ways to strengthen trade, facilitate business and boost investment.

Mr Heidari welcomed Brazil’s support for Iran’s membership in the New Development Bank (NDB), saying the complementary production capacities and economic needs of both countries offered opportunities to expand trade.

The two sides also emphasised the importance of stable supply and value chains in promoting sustainable growth in bilateral economic exchanges.

Agriculture was identified as a key sector with considerable potential for increased cooperation.

They discussed expanding the exchange of agricultural products needed by both markets and exploring mechanisms to ensure smoother, more reliable trade.

The officials further noted that investors from both countries were already active in each other’s markets.

They stressed the need to advance negotiations on an agreement to avoid double taxation and a framework for the promotion and reciprocal protection of investments.

According to them, the agreements would help create a more favourable environment for cross-border investment and strengthen private-sector cooperation.

The proposed roadmap is expected to provide a practical framework for translating existing opportunities into increased trade and investment between Iran and Brazil.