Iran's $60 Billion BRICS Trade: Progress Made, Potential Still Untapped
Iran's annual BRICS trade hits $60bn, but officials say the bloc's full economic potential for Tehran is still far from realised.
Iran's annual trade turnover with BRICS member countries stands at around US$60 billion, as per Mohammad Sadegh Ghanadzadeh, Deputy Head of Iran's Trade Promotion Organisation. In 2023, Iran exported $23 billion worth of goods to BRICS countries and imported $37 billion worth. Despite sanctions and transportation issues, Iran has maintained economic exchanges with BRICS nations and is leveraging these connections to expand trade relations, according to Ghanadzadeh.
Iran's membership in BRICS, which took effect in 2023, has deepened its relationship with the bloc, with agriculture accounting for $25 billion in bilateral trade, or half of Iran's agricultural imports and a third of its exports. Discussions at the latest BRICS Summit focused on improving international transport corridors, trade expansion, financial cooperation, and mutual settlement mechanisms.
While Iran has found partners willing to maintain trade despite political pressures, Ghanadzadeh acknowledges that the full potential of Iran's BRICS membership has yet to be realized in the country's economy.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
