Iran’s trade with BRICS member states, namely Brazil, Russia, India, China and South Africa, reached 47.99 million tons worth $38.43 billion in the fiscal 2022-23, registering a 0.81% and 14% rise in terms of weight and value respectively, according to the latest data released by the Islamic Republic of Iran Customs Administration, which excludes crude oil exports.
China was Iran’s main trade partner among BRICS members with 35.55 million tons (up 8.71%) worth $30.32 billion (up 37.41%) of exchanges. India came next with 7.3 million tons (down 9.38%) worth $4.99 billion (up 46.92%). It was followed by Russia with 4.04 million tons (down 17.81%) worth $2.32 billion (up 3.59%), Brazil with 483,486 tons (down 64.44%) worth $466.55 million (down 36.76%) and South Africa with 608,491 tons (up 9.72%) worth $322.04 million (up 23.52).
Iran’s exports stood at 38.73 million tons worth $17.85 billion, registering a 2.43% and 4.02% increase in terms of weight and value respectively.
China was the top export destination with 31.15 million tons (up 7.56%) worth $14.58 billion (up 1.84%). It was followed by India with 5.42 million tons (down 19.27%) worth $2.14 billion (up 17.9%), Russia with 1.41 million tons (up 24.52%) worth $743.88 million (up 28.58%), South Africa with 597,672 tons (up 8.04%) worth $305.41 million (up 20.11%) and Brazil with 139,039 tons (up 93.45%) worth $71.87 million (down 60.7%).
Imports stood at 9.26 million tons worth 20.58 billion in the year under review to register a 5.43% fall in terms of weight, but a 24.35% rise in value compared with the year before.
China also topped the list of exporters to Iran among BRICS member states with 4.4 million tons (up 18.21%) worth $15.74 billion (up 23.57%). India with 1.87 million tons (up 40.2%) worth $2.84 billion (up 80.35%), Russia with 2.62 million tons (down 30.58) worth $1.57 billion (down 5.02%), Brazil with 344,446 tons (down 63.95%) worth $394.68 million (down 28.86%) and South Africa with 10,818 tons (up 672.76%) worth $16.63 million (up 158.33%) came next.
Brazil, Russia, India, China were initially grouped as "BRIC" (or "the BRICs") in 2001 by Goldman Sachs economist Jim O'Neill, who coined the term to describe fast-growing economies that would collectively dominate the global economy by 2050; South Africa was added in 2010.
BRICS have a combined area of 39,746,220 square kilometers and an estimated total population of about 3.21 billion, or about 26.7% of the world's land surface and 41.5% of the global population. Brazil, Russia, India and China are among the world's 10 largest countries by population, area and GDP (PPP), and the latter three are widely considered current or emerging superpowers.
All five states are members of G20, with a combined nominal GDP of $28.06 trillion (about 26.6% of the gross world product), a total GDP (PPP) of around $56.65 trillion (32.5% of global GDP PPP) and an estimated $4.46 trillion in combined foreign reserves (as of 2018).
The bloc was originally identified for the purpose of highlighting investment opportunities and had not been a formal intergovernmental organization. Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies; China hosted the most recent 14th BRICS Summit on 24 July 2022. Bilateral relations among BRICS member states are conducted mainly on the basis of non-interference, equality and mutual benefit.
BRICS are considered the foremost geopolitical rival to the G7 bloc of leading advanced economies, announcing competing initiatives such as the New Development Bank, the Contingent Reserve Arrangement, the BRICS Payment System, the BRICS Joint Statistical Publication and the BRICS basket reserve currency. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining.
Expansion Plans
The BRICS group of nations plans to decide this year whether to admit new members and what criteria they would have to meet, with Iran and Saudi Arabia among those who have formally asked to join, according to South Africa’s ambassador to the bloc.
Enlarging the group would benefit Beijing, as the world’s second-biggest economy tries to build diplomatic clout to counter the dominance of developed nations in the United Nations, International Monetary Fund, the World Bank and other institutions, BNN Bloomberg reported.
China initiated the conversation about expansion when it headed BRICS last year, triggering concern among other members that their influence will be diluted, especially if Beijing’s close allies are admitted. China’s gross domestic product is more than twice the size of all four BRICS members combined.
“The proposal to expand BRICS will be one of the economic bloc’s main focuses this year,” said Ambassador Anil Sooklal.
South Africa is the group’s current chair.
“There are over a dozen countries that have knocked on the door,” Sooklal said in an interview in Johannesburg. “We are quite advanced at looking at a further group of new members.”
Iran Seeks to Promote Multipolar World: Raisi
Iran intends to join the BRICS association to take part in the establishment of a multipolar world, Iranian President Ebrahim Raisi said on Tuesday.
"We have decided that after joining the Shanghai Cooperation Organization, we will file an application with BRICS and are getting prepared to join this group," he said in an interview with the Lebanese Al Mayadeen television channel.
"We condemn the unipolar world order that makes it possible for the United States and three to four other countries to act like world rulers."
According to Raisi, thanks to its good relations with China and Russia, the SCO membership has brought benefits to Iran and opened a path for it to international markets. The United States, in his words, "sought to isolate Iran and hinder its participation in SCO, but failed."
"We are extending a friendly hand to any country that wants to cooperate with us," the Iranian president stressed. "Iran wants to have constructive relations with all states on the basis of mutual interests."
Iranian Foreign Ministry Spokesman Saeed Khatibzadeh said in June 2022 that his country, along with Argentina, had applied for joining BRICS.
