January 29, 2023

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Iran applies to join China and Russia in the BRICS club

Iran applies to join China and Russia in the BRICS club

  • Iran applies to join BRICS
  • Russia says the West is failing
  • Argentina has also applied to join the BRICS – Russia

DUBAI/LONDON (Reuters) – Iran, which has the world’s second largest gas reserves, has applied to join the BRICS group of Brazil, Russia, India, China and South Africa, which Beijing and Moscow see as a powerful alternative to emerging markets. to the west.

The term “BRIC” was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the astonishing rise of Brazil, Russia, India and China. The BRIC countries held their first summit in 2009 in Russia. South Africa joined in 2010.

Iran’s foreign ministry spokesman said Iran’s membership in the BRICS group “will lead to added values ​​for both sides.” Russia said Argentina had also applied to join.

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Russia presented the requests as evidence of the failure of the US-led West to isolate Moscow after the invasion of Ukraine.

“While the White House was thinking about what could stop or spoil the world, Argentina and Iran applied to join the BRICS,” Russian Foreign Ministry spokeswoman Maria Zakharova said.

Argentine officials could not be reached for immediate comment, but President Alberto Fernandez, who is currently in Europe, has reiterated in recent days his desire for Argentina to join the BRICS.

China has by far the largest economy in the BRICS group, accounting for more than 70% of the group’s $27.5 trillion collective economic power. According to IMF data, India accounts for about 13%, with Russia and Brazil each accounting for about 7%.

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The BRICS countries represent more than 40% of the world’s population and about 26% of the global economy.

Since the 1979 Iranian Revolution removed the US-backed Shah Mohammad Reza Pahlavi from power, Iran has been ostracized by the West and its economy crippled by countless sanctions. It holds about a quarter of the oil reserves in the Middle East.

Chinese power

Chinese President Xi Jinping joined Russian President Vladimir Putin and other BRICS leaders in a virtual summit last week.

Xi criticized the “misuse” of international sanctions, while Putin rebuked the West for stirring up the global crisis, with the two leaders calling for greater cooperation with the BRICS. Read more

Putin said relations with China are the best they’ve ever been, and he is putting forward a strategic partnership with China aimed at countering US influence.

US President Joe Biden has said that the West is at war with authoritarian governments such as China and Russia.

The United States and European powers blame Putin’s decision to invade Ukraine for causing relations with the West to deteriorate to their lowest level since the 1962 Cuban missile crisis — including the most severe sanctions in modern history.

But Putin says the West wants to destroy Russia, that economic sanctions are like declaring economic war and that Russia will build relationships with other powers like China, India and powers in the Middle East.

Putin, who has described Ukraine’s war as a “special military operation,” blames the United States for insulting Russia in the wake of the 1991 fall of the Soviet Union and Moscow’s threat to expand the NATO military alliance.

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Russia sent troops into Ukraine on February 24 to undermine its southern neighbor’s military capabilities, root out people it described as dangerous nationalists, and defend Russian-speaking in two regions of eastern Ukraine.

Ukraine says Russia launched an empire-style land grab and will not cede its territory to Russia.

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(Parisa Hafezi reports in Dubai and Lydia Kelly in Melbourne). Additional reporting by Adam Jordan in Buenos Aires. Editing by Richard Boleyn and Alison Williams

Our criteria: Thomson Reuters Trust Principles.