Iran’s trade with BRICS members reaches $60b
Iran’s trade turnover with BRICS member countries amounted to $60 billion last year.
The figure was announced by the Deputy Head of Iran’s Trade Promotion Organization (TPO) Mohammad-Sadeq Qannadzadeh, according to IRNA.
“Iran exported $23 billion worth of goods to BRICS member countries last year, while importing $37 billion worth of goods from member countries of the group,” he said.
Qannadzadeh added that despite sanctions imposed on Iran and problems in transportation, freight and air services arising from the US-Israeli war on the country, Iran has maintained economic exchanges with BRICS member countries.
The official said Iran should use the opportunities offered by BRICS members to expand trade relations and establish cooperation on projects covering trade, freight transportation, payments and investment.
He added that Iran could also expand cooperation with BRICS members in transit, trade facilitation, customs, coordination on standards and payment mechanisms.
Qannadzadeh said there was room to expand the use of local currencies in bilateral trade between member countries, noting that this practice could contribute to the development of broader financial mechanisms among BRICS members.
BRICS accounts for a significant share of Iran’s foreign trade, he said, adding that despite the large volume of trade, the full potential of Iran’s membership in the group has yet to be realized in the country’s economy.
“Iran’s membership in organizations such as BRICS, the Shanghai Cooperation Organization and the Organization of Islamic Cooperation needs to translate into tangible economic cooperation rather than political participation,” he said.
According to Qannadzadeh, Iran can create new avenues to sustain its foreign trade and reduce international restrictions and pressure by expanding trade relations with major economic powers despite the restrictions resulting from sanctions.
BRICS is an intergovernmental organization established in 2006. In addition to the original five members, namely Brazil, Russia, India, China and South Africa, the group currently includes Egypt, Ethiopia, Iran, and the UAE as members. Saudi Arabia’s accession to the organization remains shrouded in ambiguity.