TEHRAN- Brazilian Development, Industry and Foreign Trade Minister Armando Monteiro said the value of annual trade between Iran and Brazil is hoped to reach $5 billion in a short period of time.

He made the statement yesterday in a meeting with Iranian Oil Minister Bijan Namdar Zanganeh in Tehran, according to the Shana News Agency.

After the meeting, Zanganeh said Brazil is seeking to purchase liquefied natural gas (LNG) from Iran.

The Iranian minister said a joint task force was decided to be set up between Iranian Oil Ministry and Brazilian Ministry of Mines and Energy to take the necessary follow up measures.

He further noted that Brazil enjoys noticeable experience in the field of deepwater drilling. It would be a proper area for bilateral cooperation.

Iran is willing to cooperate with Brazil in different energy sectors, Zanganeh highlighted.

Meanwhile, in a Monday meeting with Monteiro, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Chairman Mohsen Jalalpour said Iran-Brazil trade which is tipped in favor of Brazil should be balanced.

He said the worth of Iran’s exports to Brazil stands at $100 million, while the country’s worth of imports from Brazil is $300 million.

Monteiro heading a high-ranking Brazilian economic delegation arrived in Tehran on October 26 to explore ways for the expansion of economic ties between Iran and Brazil. He visited some Iranian officials including Finance and Economic Affairs Minister Ali Tayyebnia during his stay in the country.

MA/