Iran, Brazil seeking to establish bartering systems

He added we want to keep trade afloat during the sanctions era; this policy is better for Brazil because our commodity includes oil and petrochemicals that is more strategic than their goods.

"Brazil is one of the main providers of agricultural commodities to the country, however we are facing some banking issues in our trade and that is why the two sides are looking at bartering as a solution to this problem."

The government of Brazil is to allocate $1.2 billion for maintaining its considerable economic and trade ties with Iran in the face of reinstated US sanctions.

He also said petrochemical products such as urea, bitumen and petroleum are the main exported goods from Iran to Brazil.

Iranian imports from the Latin American country are limited to 12 major commodities.

Expansion of bilateral ties, especially in trade, banking, agriculture, transport and environment sectors, was the main topic of discussion among two countries high-ranking officials, the official news website of the Economy Ministry reported.

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