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Iran Applies to Join the BRICS Group

Date: 6 July 2022


 


By attending the BRICS summit held on 23rd and 24th June, the Iranian President Ebrahim Raisi, showed great interest in joining the BRICS group and sharing the country’s potentials and capabilities to help the group members achieve their goals.

BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The term BRICS was first coined by Goldman Sachs economist Jim O'Neill (without South Africa) in 2001. He believed that by 2050 the four BRICS economies would come to dominate the global economy. The main goal of BRICS was the establishment of an equitable, democratic and multi-polar international order. The BRICS members had their first summit in 2009 in Russia. The expansion of the group will help in increasing the commercial relations between its members and hence in decreasing their economic dependency on America and Europe. 

At the BRICS summit on June 23, leaders of the BRICS countries agreed to discuss the standards and procedures for expanding the group. In this summit, Iran offered all its resources and advantages, including energy reserves, human resources and scientific achievements, to assist the countries in following their plans. In response to Iran’s application to BRICS, Chinese Foreign Ministry spokesperson, Zhao Lijian supported Iran’s application to join and stated that “since its establishment, the BRICS and new emerging and developing countries have been closely interwoven”.  Argentina is also willing to join BRICS in the near future.

Any application to join the BRICS needs to be discussed among the five founding members. Therefore, whether the applicants will be observers or will have to undergo other protocols to obtain membership will be decided by the members.

Becoming a member of BRICS will hopefully give Iran access to policy and technical expertise of larger and established economies, as well as access to the support of the National Development Bank.

By attending the BRICS summit held on 23rd and 24th June, the Iranian President Ebrahim Raisi, showed great interest in joining the BRICS group and sharing the country’s potentials and capabilities to help the group members achieve their goals.