"Our trade relations have already reached the level of $6 billion. This year we have a chance to exceed this figure, and soon reach 10 billion dollars," said Medvedev, who is currently on an official visit to Brazil.
In 2007, bilateral trade was $5.2 billion.
Earlier in the day, Medvedev met with his Brazilian counterpart, Luiz Inacio Lula da Silva.
After the talks, he told reporters that Russia and Brazil should create a "technological alliance".
"I believe the task of forming a technological alliance between the Russian Federation and Brazil can be successfully fulfilled, and very soon," he said.
The Russian leader said the sides are not only interested in raw materials cooperation, but could also interact in hi-tech projects in the power industry, space research, telecommunications, and military and technical cooperation.
The head of the Russian military-technical cooperation service said Wednesday that Brazil has shown an interest in buying Russian military hardware, in particular aircraft and armored vehicles.
FSVTS chief Mikhail Dmitriyev told RIA Novosti that a framework intergovernmental agreement would be signed on the issue.
