Iran has applied to join China and Russia in the BRICS club

Iran has applied to join China and Russia in the BRICS club

Iran has applied to join China and Russia in the BRICS club

The second-largest gas reservoir, Iran has applied to join the BRICS group. This group includes Russia, China, India, Brazil, and South Africa. Beijing and Moscow consider it a powerful emerging market against the West.

The term BRICS was invented in 2001 by Jim O’Neill-Economist of Goldman Sachs. It was formed to reveal the rise of Brazil, India, Russia, and China. All of the BRIC countries attended the first summit in 2009 in Russia. South Africa joined after a year in 2010.

Tehran’s Foreign Ministry spokesperson said it would be beneficial for both sides as Iran is going to become a BRICS member.

Russia already told about Argentina who has also applied to join BRIC.

Maria Zakharova-Russian Foreign Ministry spokeswoman said when Joe Biden was thinking to impose sanctions on Russia. Argentina and Iran gave applications to join BRICS.

Alberto Fernandez-President of Argentina is in Europe and recently revealed a desire to join BRICS.

A source in the Argentine government told that there was no official way to do so yet but it’s a country’s desire.

Argentine authorities have already discussed publically its wish to join BRICS.

As per data from IMF, China is the largest economy in the BRICS group, accounting for above 70% of the group’s collective $27.5 trillion economies. India is on 2nd rank which accounts for near 13%, while Brazil and Russia represent near 7%.

BRICS consisted of more than 40% world’s population and approximately 26% of the world economy.

After the Islamic Revolution in 1979 that removes the U.S.-backed Shah Mohammad Reza Pahlavi from power, Iran has been blacklisted by the west. As far as Iran’s economy is concerned, it is paralyzed by a large number of sanctions. While Iran holds one-quarter of the Middle East’s oil reserves.

Last week Chinese President Xi Jinping, Russian President Vladimir Putin, and other BRICS leaders met for a virtual summit.