Saturday, Dec 3, 2022
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Iran, Argentina submit applications to join BRICS

IFM_BRICS-image
It was Russian President Vladimir Putin’s first meeting with the leaders of major economies since the beginning of the invasion of Ukraine.

Iran, which has the world’s second-largest gas reserves, along with Argentina has submitted their application to join the BRICS which consists of countries that have emerging economies.

Currently, the BRICS consists of five countries which include Brazil, Russia, India, China, and South Africa.

Argentina President Alberto Fernandez, who is presently in Europe, has recently reaffirmed his country’s intention to join the BRICS.

Jim O’Neill, a Goldman Sachs economist, first used the acronym BRIC to characterize the rapid ascent of Brazil, Russia, India, and China in 2001. In 2009, the BRIC nations met for the first time in Russia, and then in the following year, South Africa joined.

According to Iran’s Foreign Ministry spokesperson, Iran’s inclusion in the BRICS would add value. More than 40% of the world’s population and around 26% of the global GDP is contributed by the countries that are part of BRICS.

With an economy that makes up more than 70% of the USD 27.5 trillion combined economic power of the BRICS nations, China is by far the largest of the lot. According to IMF figures, India makes up around 13%, while Brazil and Russia each make up roughly around 7%.

It was Russian President Vladimir Putin’s first meeting with the leaders of major economies since the beginning of the invasion of Ukraine. He stated that cooperation is necessary to resolve challenges like conflicts.

Chinese President Xi Jinping emphasized that Beijing would like to cooperate with the group to operationalize the Global Security Initiative and urged for a stronger security partnership within BRICS (GSI).

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