Iran’s surge to BRICS membership

The BRICS is going to hold a summit themed “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development” via video conference on Thursday, as Iran’s membership is soliciting increasing support from major members like China and Russia.

The BRICS consists of five major emerging economies: Brazil, Russia, India, China and South Africa without the presence of Western countries and the US.

The group is focused on increasing trade exchanges among member states, decreasing economic dependence on Europe and the US, forming a development and currency reserve bank as a financial institute parallel to the World Bank and International Monetary Fund, establishing south-south ties, leveraging the potentials of developing countries to balance global economic ties, contributing to saving countries going bankrupt, and positive participation in political and economic global crises.

An important issue regarding the upcoming BRICS summit is membership of some countries, including Iran, in the grouping which has gained support from major members Russia and China.