Iran and Brazil have agreed to improve their financial and banking relations, focusing on national currencies for trade. This pact was established during a meeting in Cape Town, emphasizing BRICS collaboration. Both nations see significant potentiel for enhanced cooperation, aiming to boost trade and financial mechanisms among BRICS members.
Iran and Brazil have formalized an agreement to enhance their financial and banking relations, specifically focusing on trade in national currencies. This initiative aims to leverage existing banking infrastructures for increased economic collaboration, as discussed during a meeting between Central Bank of Iran (CBI) Deputy Governor Asghar Abolhasani and Tatiana Rosito, the Deputy Finance Minister of Brazil.
This agreement was finalized amidst Brazil’s leadership in the BRICS group, where discussions highlighted the benefits of financial cooperation among member nations. At the recent summit in Cape Town, Brazil emphasized that using national currencies could yield substantial advantages for all BRICS participants involved in bilateral trade.
During the dialogue, both officials recognized the considerable financial and trade opportunities between Iran and Brazil. They also stressed the necessity for enhanced cooperation in monetary and banking matters within the BRICS framework to tap into these potentials effectively.
Abolhasani pointed out that the economic capacities of Iran and Brazil, alongside other BRICS nations, suggest that improved banking cooperation can significantly elevate trade within a short timeframe. Rosito echoed this sentiment, advocating for the development of new financial collaboration mechanisms through BRICS, in light of ongoing global financial changes.
In addition to discussions with Rosito, Abolhasani also met with representatives from Russia, India, South Africa, and the UAE at the BRICS Central Bank Deputies’ Technical Meeting. He reiterated Iran’s commitment to fostering bilateral and multilateral banking cooperation with BRICS countries.
The agreement between Iran and Brazil to enhance financial and banking ties focuses on trade using national currencies and strengthening collaboration through BRICS. The commitment to develop new banking mechanisms aims to optimize trade potential among member countries, highlighting the importance of multilateral cooperation in the changing global financial landscape.
Original Source: www.tehrantimes.com
