Ali Reza Salari, Iran's deputy foreign minister for the Americas said on Friday that the Iranian delegation visiting Mexico is to study greater possibilities for realizing new potentials in trade and tourism with the Latin American nation.
"With Mexico, there is absolutely no political problem between us. No cultural problems. It shows we have many shortcomings in our trade relations," Salari said.
He said the annual trade with Brazil is USD 2b, while the annual trade with Mexico stands at a low of merely USD 50m.
As the pro-US government of Mexico tries to find other markets outside the US, Iran may have more opportunities to start new business ventures.
The Islamic Republic has boosted ties with Latin American countries with hundreds of Iranian engineers working in Venezuela's housing projects.
Tehran has also opened new embassies in Nicaragua and Bolivia.