Iranian President Mahmoud Ahmadinejad hailed his Brazilian counterpart for his "independent policies" as the two countries' officials held an economic session in Tehran on Sunday, the satellite Press TV reported.

Ahmadinejad said Iran and Brazil shared common stances on global issues and that both countries were against "discrimination and injustice" in the world, according to the report.

Ahmadinejad further blamed the West for the world's economic problems and stressed that capitalism has reached a dead end, he was quoted as saying without elaboration.

Meanwhile, Brazilian President Luiz Inacio Lula da Silva who is now in Tehran to attend the 14th summit of the Group 15 (G15) developing nations on Monday said that Brazilian market will be open to Iranian made products and services, the official IRNA news agency reported.

Trade between Iran and Brazil should be balanced, da Silva said, adding that Brazil is ready to welcome Iranian made products and services to help broaden scope of economic cooperation between the two countries.

On Sunday, officials from both sides signed 11 memorandums of understanding to promote bilateral cooperation in the fields of economy, agriculture and industry, Press TV said.

Brazil, a non-permanent member of the United Nations Security Council, has been making efforts to break the deadlock over Iran's nuclear program and help reach an agreement on a fuel swap deal, according to Press TV.