At the 15th session of the BRICS held in August in Johannesburg, South African President Cyril Ramaphosa announced that six countries - Argentina, Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates - have been invited to join the BRICS, with full membership taking effect on January 1, 2024. The announcement was greeted with relief by Iranian exporters, a country that has suffered under economic sanctions for decades.
Joining economic blocs is a vital issue for Iran, at a time when sanctions are stifling Iran's international trade. Hadi Mirzaei, an Iranian exporter, told FreshPlaza: "It's good news for us that Iran has joined the BRICS, but it will surely take time before we see the fruits. Sanctions limit markets for Iranian exporters and force us to trade with neighboring countries. This also puts us in a weak negotiating position, with increasingly unfavorable prices and risky payment terms for exporters. Joining the BRICS is a big step in the right direction."
"Iran already accepts payments in Russian rubles and Chinese yuan for some of its agricultural exports," explains Mirzaei, "but the non-dollar currency system needs to be strengthened and integrated. Currently, only one bank in China or Russia can make transfers to Iranian banks. That's why this news is particularly satisfying for us."
"The lack of a banking network under the sanctions is the biggest hindrance to Iranian exports," concludes Mirzaei, "we are adapting to this, but not without the risk of ill-intentioned actors or false customers taking advantage of the situation."
For more information:
Hadi Mirzaei
Darya Noosh Payab Trading
Tel: +989352243937
Email: dnpt.info@gmail.com / ss1.uae@gmail.com