Iran can boost ties with BRICS despite sanctions: Deputy FM

The deputy foreign minister for economic affairs says Iran can establish relations with the BRICS group of emerging economies despite being subject to illegal US sanctions.

Mehdi Safari made the remarks in an address to a conference dubbed “Iran and BRICS: Prospects for Partnership and Cooperation” at the Foreign Ministry’s Institute for Political and International Studies in Tehran on Tuesday. 

“Despite cruel unilateral sanctions, Iran has a good capacity for developing ties with the BRICS,” he said, describing the five-nation bloc as one of Tehran’s key partners.

Safari also hailed the BRICS member states for their capacities which led them to establish such a high position in the international community.

He further said that Iran, as one of the world’s influential and leading countries, welcomes multilateralism in the global arena.

The BRICS group of fast-developing economies — Brazil, Russia, India, China, and South Africa — is often seen as an alternative to Western economic and political hegemony.

It accounts for 42 percent of the global population and about 26 percent of the world’s economy, according to the South Africa-based Institute for Security Studies.

Iran is among dozens of countries that seek membership in the BRICS and has submitted a formal application to join the body.

BRICS members welcome Iran's potential accession: FM Amir-Abdollahian

Iran says the members of the BRICS group of emerging economies have welcomed the Islamic Republic

‘BRICS seeking to work in favor of Global South’

Also speaking at the Tehran conference, South Africa’s ambassador-at-large for Asia and the BRICS, Anil Sooklal, appreciated the Islamic Republic’s support for his country.

He noted that BRICS was formed to promote international cooperation, and “we want to work for the Global South and the good of humanity. This has been one of the basic principles of BRICS.”

Iran, he added, is interested in joining the BRICS, which seeks to change the world structure while representing the southern world.

He further noted that the bloc is doing its job well, citing its high gross domestic product (GDP) as proof.

According to Statista, a German online platform that offers statistics, reports, market insights, etc., China has the largest GDP of the BRICS countries, at 16.86 trillion US dollars in 2021.

Combined with other countries of the bloc, BRICS has a GDP of over 26.03 trillion US dollars in 2022. This is slightly more than the United States GDP, it said.

It predicts that by the end of the 2020s, China’s GDP will overtake that of the US and becomes the world’s largest economy. It also estimates that India will also overtake the US around the middle of the century.

“The traditional great powers represented in the Group of Seven (G7) have seen their international power wane in recent decades, while BRICS countries have seen theirs grow, especially on a regional level,” Statista said.

It concludes that the original BRICS countries may move further up on the list of the world’s largest economies.

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