Tehran is looking to join the bloc of five top emerging economies
© Getty Images / Germán Vogel
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.