Iran’s trade with BRICS surging – foreign minister

Tehran is looking to join the bloc of five top emerging economies

Trade between BRICS and Iran has been growing as Iran seeks to become a member of the alliance, according to the country’s foreign minister. 

Hossein Amir-Abdollahian was speaking at the ‘Friends’ of BRICS session as part of the bloc’s foreign ministers’ meeting in Cape Town, South Africa, on Friday.

“Our bilateral political and economic relations with the BRICS countries remain at a very good level while our trade value exceeds $30 billion,” Amir-Abdollahian said, noting that the sides have important arrangements on multilateral cooperation.

“We will soon expand our relations with three BRICS countries; namely Russia, China, and India within the framework of the Shanghai Cooperation Organization,” he added.

In June 2022, Iran applied to become a BRICS member, saying it “would result in added value for both sides.”

Customs data shows that trade in goods other than crude oil between Iran and the bloc’s members totaled nearly 48 million tons in the fiscal year 2022-2023, representing a 14% increase in terms of value.

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China remains Iran’s main trade partner in the BRICS group, with trade up 37.41% during the period. India is second with trade up nearly 47%, and Russia is in third place (up 3.59%). Trade with Brazil has declined in both weight and value. South Africa is Iran’s main trading partner on the African continent, with bilateral trade up by more than 23%.

Russia and Iran have been strengthening ties in the face of Western economic sanctions. In 2022, the value of goods and services exchanged between the two countries reached $4.6 billion, according to official data. Moscow and Tehran have also reached an agreement to boost the use of their respective national currencies in settlements, as they push toward de-dollarization.

BRICS, which currently consists of Brazil, Russia, India, China and South Africa, is considering expanding its membership as a growing number of countries have expressed an interest in joining.

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