After the United States and the European Union announced an end to Iran sanctions last week, the Brazilian government estimates that trading between the two countries will triple over the next five years.
In 2015, trade between the two sides shrank 30 percent, totaling $1.67 billion. In the previous year, before the toughening of sanctions, it reached $2.37 billion, the Brazilian newspaper Folha reported.
"I think we can, in the short term, in a five-year horizon, triple current trade with Iran," said Brazil's Minister of Development, Industry and Foreign Trade Armando Monteiro, who headed a mission of 33 companies and Brazilian organizations that visited Iran in October.
The first meeting of a joint committee on economic themes is expected to be held in March or April, in Brasilia, with government representatives from both countries.
The Brazilian government would also be considering an investment facilitation agreement with Iran, similar to the ones signed last year with Mexico, Colombia, Chile, Angola and Mozambique.