The Iranian government under the leadership of Ebrahim Raisi has applied to join “BRICS” who’s an economic alliance between major emerging economic countries.
The BRICS is outwardly known as an economic alliance for potential countries that have a substantial influence on world affairs and who will witness growth economically in recent years to come comprising Brazil, Russia, India, China, and South Africa.
With the application of Iran into the economic organization, BRICS will boast of unprecedented rise globally, with her initial representation in terms of population at the global level standing at 40% while it also boasts of 26% world economy.
With Iran’s entry into BRICS, it will be an additional value to the blocs as the country is an endowment of oil and gas reserve, which will spike the BRICS total worth to a high volume from their initial $27 trillion worth.
Failed negotiation between Iran and the U.S on western sanctions had pushed the country to look for another alternative as trading partners, while the rise of Raisi had been pivotal to the alliance between the emerging economic countries, who have always formulated an anti-western policy.
Expert Hamidreza Azizi on the reasons for Iran joining BRICS, said, “Iran’s moves to join different non-western grouping are presented as the inevitable path the country needs to take in a world in which the west is experiencing both political, economic and moral decline.”
With many potential interests to gain from BRICS, Iran will be able to develop an independent financial mechanism free from western interference, the alliance can also pave and open the way for Iran’s ambition to develop nuclear which the west has been denying them access to.
While analyst has predicted that, BRICS have little impact to offer Iran rather than economic, political, and diplomatic leverage from the west, that the western sanctions would affect the alliance in the short run, and that Iran won’t be able to get superior western technology which the BRICS doesn’t possess.
With the ongoing circumstances, BRICS is also working collectively to see to their rise in the global economic sphere after having possessed the highest amount of man labor and skilled labor, they have also been working on a mutual payment system, credit rating agency, currency bank, and reserve mechanism.
