WANA (Oct 05) – Iran’s exports to Brazil have surged by 2.5 times, reaching $163 million in 2024, according to Ahmad Firoozi, Director General of Europe and America at the Iranian Trade Development Organization. This marks a significant increase from $63 million in the previous year.

 

Firoozi noted that while the growth is promising, it is essential to consider that Iran’s membership in BRICS is still recent, having joined in January 2024. Thus, significant changes in trade with BRICS nations should be evaluated over the medium and long term.

 

He highlighted Iran’s active participation in BRICS events, including the recent summit in Johannesburg, South Africa, which reinforced Iran’s presence in international trade discussions.

 

Firoozi emphasized that regional cooperation is crucial for developing countries like Iran, as it offers a gradual pathway to integrate into the global economy.

 

The advantages of BRICS membership for Iran include countering sanctions, enhancing economic cooperation, accessing the New Development Bank, and forming bilateral trade agreements. However, he stressed the need for a well-defined roadmap to maximize these benefits.

 

Firoozi also pointed out that BRICS countries account for 40% of the world’s population and significant shares of global agricultural production. The trade among BRICS nations surpassed $3 trillion in 2022, constituting 18% of global trade, with an increasing share.

 

The rapid growth of intra-BRICS exports demonstrates the group’s economic cooperation potential, with BRICS nations attracting over 22% of global direct investments in 2021, up from just 9.16% in 2009.

 

The share of BRICS countries in global fixed investment also has significantly increased from 7.9% in 2009 to 18% in 2021.

 

Furthermore, Firoozi mentioned that BRICS offers a platform for countries to collaborate across continents, promoting the use of national currencies in trade and reducing dependence on the US dollar and euro. This cooperation is expected to strengthen the role of developing countries in the global economy.

 

Lastly, Firoozi emphasized the importance of harmonizing trade policies, reducing trade barriers, and aligning regulatory standards to enhance trade within BRICS, ultimately boosting the global competitiveness of member countries.