Iran’s surge to BRICS membership

Tehran, IRNA – The BRICS is going to hold a summit themed “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development” via video conference on Thursday, as Iran’s membership is soliciting increasing support from major members like China and Russia. The summit is believed to be a good opportunity to further expand cooperation between member states as the world is recovering from the coronavirus pandemic and the West is weary of the BRICS’ increasing influence on the global economy. The BRICS consists of five major emerging economies: Brazil, Russia, India, China, and South Africa without the presence of Western countries and the US. The group is focused on increasing trade exchanges among member states, decreasing economic dependence on Europe and the US, forming a development and currency reserve bank as a financial institute parallel to the World Bank and International Monetary Fund, establishing south-south ties, leveraging the potentials of developing countries to balance global economic ties, contributing to saving countries going bankrupt, and positive participation in political and economic global crises. The group has over half of the world’s population and 25-28 percent of the global economy, human sources, and natural resources. BRICS financial system challenging SWIFT Political experts believe that the sanctions against Russia imposed by the West and allies made the BRICS, as one of the greatest global treaties, to consider creating an independent financial infrastructure to shield their financial transactions from Western sanctions. The BRICS established New Development Bank (NDB) to provide liquidity and financial resources for infrastructure, projects, and sustainable development in emerging economies. No BRICS member supported Ukraine-related sanctions against Russia and this can be the beginning of weakening of Western financial systems. ***Iran’s membership in BRICS An important issue regarding the upcoming BRICS summit is the membership of some countries, including Iran, in the grouping which has gained support from major members Russia and China. Iran, as a country located in the center of the Near East and the Middle East, could secure a key role for the BRICS in the region. In this way, Iran’s ascension can significantly strengthen its political stances in the international arena. The BRICS members have the great financial and political potential for establishing an independent financial mechanism and the capacity to increase inter-group interaction to neutralize Western attempts to impose their policies. On the other hand, as the world is distancing itself from unipolarism in economy and unilateralism in politics, Iran’s ascension can play an important role in following up the grouping’s political and economic goals. Follow us on Twitter @IrnaEnglish