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.