Iran's trade with BRICS spikes by 14% amidst economic sanctions by West

Iran's Foreign Minister Hossein Amir-Abdollahian during his address at 'Friends' of BRICS which was held on sidelines of Foreign Minister's Meeting (FMM) held in Cape Town, South Africa on Friday highlighted growth in trade between BRICS and Tehran as it floated its desire to be a member of ecomic block. 

“Our bilateral political and ecomic relations with BRICS countries remain at a very good level while our trade value exceeds $30 billion,” Amir-Abdollahian said, ting that sides have important arrangements on multilateral cooperation. We will soon expand our relations with three BRICS countries; namely Russia, China, and India within framework of 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 or than crude oil between Iran and bloc’s members totaled nearly 48 million tons in fiscal year 2022-2023, representing a 14% increase in terms of value.

BRICS member states continue to be top trading partners of Iran

Tehran applied to join BRICS in June 2022, claiming that doing so "would result in added value for both sides." Trade-in items or than crude oil between Iran and members of bloc reached close to 48 million tonnes in fiscal year 2022–2023, a rise in value of 14%, as per customs data. 

China continues to be Iran's top BRICS trading partner, with trade increasing by 37.41% throughout that time. Russia is in third place (up 3.59%), followed by India in second place with commerce up over 47%. Both weight and value of trade with Brazil have decreased. With a 23% increase in bilateral trade, South Africa is Iran's major trading partner on continent of Africa.

In midst of sanctions imposed by West, Russia and Iran have been fostering closer ties. According to official figures, value of trade in goods and services between two nations in 2022 was $4.6 billion. As y work to de-dollarize ir ecomies, Moscow and Tehran have also agreed to increase use of ir respective national currencies in payments.

Brazil, Russia, India, China, and South Africa make up present members of BRICS, which is considering enlarging its membership as more nations show interest. bloc came in 2001 as BRIC with South Africa joining in 2010. It comprises 41 per cent of world population, having 24 per cent of world GDP and over 16 per cent share in world trade as per World Bank data.