Why Iran and Argentina have applied to join BRICS Membership?

BRICS countries: Iran and Argentina have applied to join the BRICS mechanism, as per the Russian State Media. The appeal to join the five nations grouping BRICS- Brazil, Russia, India, China, and South Africa has come days after a summit of the five-nation bloc during which the leaders had agreed to continue to discuss the possibility of admitting the new countries to the grouping on the basis of full consultation and consensus.

On Iran joining BRICS, the Iranian Foreign Ministry Spokesman Saeed Khatibzadeh said that Iran, Tehran has applied for the BRICS membership. On the other hand, Argentinian President Alberto Fernandez also said at a BRICS meeting that his country wants to become a full member of BRICS.

Iran applies to join BRICS group of emerging countries https://t.co/r8hxcPapoS pic.twitter.com/ou5gXwrgti

— Reuters (@Reuters) June 28, 2022

Iran Argentina BRICS:: Why Iran and Argentina have applied to join BRICS Membership?

Iran, which holds the world’s second-largest gas reserves has applied to join the BRICS group of Brazil, Russia, India, China, and South Africa that Beijing and Moscow have cast as a powerful emerging market alternative to the West.

As per Iran’s Foreign Minister Spokesperson, Iranian membership in BRICS will result in added values for both sides.

On the question of Iran and Argentina joining the BRICS grouping, the Chinese Foreign Minister Spokesperson said that BRICS countries have agreed that it is important to step up cooperation with other emerging markets and developing countries to improve the mechanism of BRICS and make it loudly heard on the major international issues.

Why joining BRICS will be significant for Iran and Argentina?

BRICS is a grouping of 5 powerful economies joining which will provide Iran and Argentina an international platform to present their regional and economic issues.

China is by far the largest economy in the BRICS grouping, accounting for more than 70 percent of the group’s collective $27.5 trillion economic might. India accounts for about 13 per cent with Russia and Brazil representing about 7 per cent, according to IMF data.

BRICS account for more than 40 per cent of the world’s population and about 26 per cent of the global economy.

About BRICS

The term BRICS (Brazil, Russia, India, China and South Africa) was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the startling rise of Brazil, Russia, India and China. BRICS powers had their first summit in 2009 in Russia and South Africa joined in 2010.