Iran applies to join China and Russia in BRICS club

DUBAI/LONDON, June 28 (Reuters) – Iran, which holds the world’s second largest gasoline reserves, has utilized to join the BRICS group of Brazil, Russia, India, China and South Africa that Beijing and Moscow solid as a strong rising market various to the West.

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

Iran’s membership in the BRICS group “would result in added values for both sides”, Iran’s Foreign Ministry spokesperson mentioned. Russia mentioned Argentina had additionally utilized to join.

Russia solid the purposes as proof that the West, led by the United States, was failing to isolate Moscow after the invasion of Ukraine.

“While the White House was thinking about what else to turn off in the world, ban or spoil, Argentina and Iran applied to join the BRICS,” Russian Foreign Ministry spokeswoman Maria Zakharova mentioned.

Argentine officers couldn’t be reached for fast remark however President Alberto Fernandez, at present in Europe, has in latest days reiterated his want for Argentina to join BRICS.

China has by far the most important economic system in the BRICS grouping, accounting for greater than 70% of the group’s collective $27.5 trillion financial may. India accounts for about 13%, with Russia and Brazil every accounting for about 7%, in accordance to IMF information.

BRICS account for greater than 40% of the world’s inhabitants and about 26% of the worldwide economic system.

Since the Iranian Revolution of 1979 swept U.S.-backed Shah Mohammad Reza Pahlavi from energy, Iran has been ostracised by the West and its economic system crippled by a myriad of sanctions. It maintain’s round 1 / 4 of the Middle East’s oil reserves.

CHINESE POWER

Chinese President Xi Jinping joined Russian President Vladimir Putin and different BRICS leaders for a digital summit final week.

Xi criticised “the abuse” of worldwide sanctions, whereas Putin scolded the West for fomenting international disaster, with each leaders calling for better BRICS cooperation. learn extra

Putin has mentioned relations with China are the most effective they’ve ever been and touts a strategic partnership with China aimed toward countering U.S. affect.

U.S. President Joe Biden has mentioned the West is locked in a battle with autocratic governments equivalent to China and Russia.

The United States and European powers blame Putin’s resolution to invade Ukraine as the rationale relations with the West have sunk to the bottom stage for the reason that 1962 Cuban Missile Crisis — together with the severest sanctions in trendy historical past.

But Putin says the West needs to destroy Russia, that the financial sanctions are akin to a declaration of financial conflict and that Russia will construct ties with different powers equivalent to China, India and powers in the Middle East.

Putin, who casts the Ukraine conflict as a “special military operation”, blames the United States for humiliating Russia in the aftermath of the 1991 fall of the Soviet Union and threatening Moscow by enlarging the NATO navy alliance.

Russia despatched troops into Ukraine on Feb. 24 to degrade its southern neighbour’s navy capabilities, root out folks it known as harmful nationalists and defend the Russian-speakers of two jap Ukrainian areas.

Ukraine says Russia has launched an imperial-style land seize and won’t ever give up its territory to Russia.

Reporting by Parisa Hafezi in Dubai and Lidia Kelly in Melbourne; Additional reporting by Adam Jourdan in Buenos Aires; Editing by Richard Pullin and Alison Williams

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