Non-oil trade between Iran and several BRICS nations has witnessed a significant increase over the course of the last year. As these emerging economic powerhouses continue to strengthen their bilateral ties, the trade volume between Iran and Brazil, Russia, India, China, and South Africa has shown promising growth.
Iran, primarily an oil-exporting country, has been working diligently to diversify its economy and reduce its reliance on oil revenues. Strengthening trade relationships with BRICS countries has provided an excellent opportunity for Iran to achieve this objective. The non-oil trade between Iran and the BRICS nations has expanded by a remarkable 36% in the past year.
One of the nations witnessing significant growth in trade with Iran is Brazil. Iranian exports to Brazil have surged, particularly in terms of agricultural products such as pistachios, saffron, and carpets. Brazil, in return, has increased its exports of meat, corn, and soybeans to Iran. This flourishing trade exchange between the two countries has fostered closer economic ties and mutually beneficial partnerships.
Similarly, Russia has emerged as a pivotal trade partner for Iran. The two countries have seen an increase in trade across various sectors, including agriculture, machinery, and transportation. With Iran’s strong potential for agricultural production and Russia’s expertise in machinery manufacturing, this collaboration has paved the way for prosperous ventures and trade growth.
India, too, has strengthened its trade relations with Iran. The removal of certain trade barriers has facilitated the import and export of goods between the two countries. Indian companies have increased their exports of pharmaceutical products, rice, tea, and various other commodities, while Iran has reciprocated with exports of petrochemical products and minerals. Indian companies have also invested in Iran’s energy and infrastructure sectors, contributing to the overall economic growth of both nations.
China, the largest economy among the BRICS nations, has deepened its economic cooperation with Iran. China has been heavily investing in Iran’s energy and infrastructure projects, including the development of major ports and railways. The non-oil trade between the two countries has expanded, with China importing more Iranian products such as petrochemicals, carpets, and minerals, while exporting machinery, electronics, and consumer goods to Iran.
South Africa, the final member of the BRICS bloc, has also witnessed growth in trade with Iran. There has been an increase in the import and export of commodities including petroleum products, minerals, and machinery. South African businesses have shown a keen interest in exploring investment opportunities in Iran’s mining and infrastructure sectors.
The strengthening trade relations between Iran and the BRICS nations have not only boosted their respective economies but also demonstrated a commitment towards promoting multilateral trade. By diversifying their trade portfolio, both Iran and the BRICS nations are reducing their vulnerability to fluctuations in the global oil market and establishing a more sustainable economic foundation.
As the BRICS nations continue to grow and solidify their positions as global economic powerhouses, the prospects for further expansion of non-oil trade with Iran are promising. The shared commitment to promoting trade and investment will undoubtedly contribute to the economic prosperity of all parties involved and foster a closer partnership between Iran and the BRICS countries.