Formal relationship between Iran and Brazil commenced in 1903 with the signing of the Treaty of Friendship and Commerce. Since then, their bilateral relations have been shaped by political and economic changes in both countries. A pivotal moment after the 1979 Iranian revolution occurred in 2005, when leaders Lula da Silva of Brazil and Ahmadinejad of Iran showed mutual interest in cooperation, driven by Iran's need to balance US threat and Brazil's aspiration to balance US power. However, shifts in the Brazilian foreign policy towards Iran and escalating tensions between Iran and the West impeded further progress. With Lula da Silva's return to power in 2023 and Iranian President Raisi's heightened focus on Latin America, both countries witnessed renewed discussions about the potential for positive balancing between Iran and Brazil. This study delves into the successes and setbacks of Iran-Brazil bilateral approximation through the lenses of positive balancing theory and historical analysis method. During Lula's administrations, Iran's balancing strategy towards Brazil proved beneficial for both nations: Iran sought to counter US threats by fostering a friendly relationship with Brazil, while Brazil aimed to elevate its Global South agenda by mediating in Iran's nuclear program. This engagement also aimed to unite anti-imperialist and anti-colonialist movements under emerging political leaders. Despite these efforts, the US pressure on Iran to halt its nuclear program and on Brazil to limit its influence hindered constructive engagement between the two countries. Nevertheless, slow but steady economic interactions and Iran's inclusion in BRICS provide hope for the restoration of Iran's balancing strategy in Brazil and its reinforcement in Latin America.
