BAKU, Azerbaijan, September 17. Iran’s trade turnover with BRICS member countries amounted to $60 billion last year.
According to the Trade Promotion Organization of Iran, this was announced by the Deputy Head of the organization Mohammad Sadegh Gannadzadeh.
“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.
Gannadzadeh added that despite sanctions imposed on Iran and problems in transportation, freight and air services arising from the war situation, Iran has maintained economic exchanges with BRICS member countries and should make use of the opportunities offered by these countries to expand trade relations.
The official said Iran should use this opportunity to increase economic exchanges with BRICS member countries and establish cooperation on projects covering trade, freight transportation, payments and investment. He added that Iran could expand cooperation with BRICS members in transit, trade facilitation, customs, coordination on standards and payment mechanisms.
Gannadzadeh said there was room to expand the use of local currencies in bilateral trade between member countries. He noted 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 Gannadzadeh, 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. Russia assumed the BRICS chairmanship on January 1, 2024. In addition to Russia, Brazil, India, China and South Africa, the group currently includes Egypt, Ethiopia, Iran, the UAE and Saudi Arabia as members.
