MILAN: Italian carmaker Fiat said on Tuesday it had renewed a commercial cooperation agreement with Brazilian bank Itau Unibanco to support its sales operations in Brazil, one of the company's biggest markets outside Italy.

In a statement Fiat said the agreement had been renewed for ten years.

Fiat is Brazil's top seller of cars and light trucks.

In July the pace of vehicle production in Brazil slipped to the lowest daily rate in five months as factories, facing sagging consumer confidence, scaled back output.