Economic diplomacy: a ...
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Economic diplomacy must help bridge this gap. Iranian embassies and diplomatic missions should not be confined to political functions. They should also serve as platforms for identifying markets, attracting investment, showcasing Iranian productive capacity, and facilitating connections between business communities. The diplomatic establishment should work closely with economic ministries, the Central Bank, investment agencies, and the private sector to set clear and measurable objectives for each country and target market.
In this context, diversifying Iran’s foreign economic relations is particularly important. Turning toward the East should not mean abandoning other economic opportunities around the world. Iran should not simply replace one form of dependence with another. A successful foreign policy is one that expands a country’s economic choices. Relations with China, India, Russia, Central Asian and Gulf countries, cooperation through the Eurasian Economic Union and the Shanghai Cooperation Organization, and even dialogue with European countries can each form part of a broader, more balanced, and more diversified economic network.
International politics offers many examples of countries maintaining economic cooperation despite serious political and security disputes. This is precisely where diplomacy demonstrates its value. Political disagreements do not necessarily have to result in the closure of every economic channel. States can cooperate in areas such as trade, energy, transportation, transit, technology, environmental protection, and food security on the basis of shared interests. One important principle of Iran’s foreign policy, therefore, should be not to close any diplomatic channel before exploring its potential.
This is also where BRICS matters for Iran. The group could provide a platform for expanding trade in national currencies, developing banking cooperation, creating alternative payment mechanisms, attracting investment, and strengthening joint infrastructure projects. Yet none of these objectives will materialize automatically. Membership without an implementation strategy is little more than a title. The government needs clear targets, defined timelines, and effective mechanisms for measuring progress if it is to make meaningful use of BRICS.
At the same time, it would be unrealistic to expect BRICS alone to resolve Iran’s economic challenges. Domestic economic reforms, regulatory stability, an improved business environment, lower investment risks, a stronger private sector, and banking reform are essential complements to economic diplomacy. Foreign investors do not enter a country simply because of favorable political relations. They also need a predictable and credible economic environment.
The Pezeshkian government should therefore approach economic diplomacy with strong political will, genuine determination, and a clear focus on opportunity. Regional and extra-regional opportunities should not be left to chance or simply expected to come knocking on Iran’s door. They must be identified, pursued, negotiated, and ultimately translated into contracts and concrete projects. The success of economic diplomacy should not be measured by the number of summits attended or meetings held. It should be measured by increases in trade, investment, exports, technology transfer, and employment.
The BRICS summit should therefore be understood in precisely this way: neither as a miracle cure for Iran’s economy nor merely as another political gathering, but as one opportunity among many. In international politics, the door to diplomacy remains open as long as there is the political will to open it. The Pezeshkian government has an opportunity to make smarter use of regional and extra-regional alliances and to place foreign policy more firmly at the service of economic development.
Today, more than ever, Iran needs a form of diplomacy that moves beyond conference rooms and into the real world of trade and investment. It needs diplomacy capable of turning political agreements into tangible economic opportunities—and of transforming the country’s considerable geopolitical and economic potential into greater prosperity for its people.