Iran applies to join BRICS group of emerging countries

Tehran: Iran has submitted an application to become a member of the BRICS, an Iranian official said yesterday. Iran, which holds the world’s second-largest gas reserves, wants to join the BRICS group of Brazil, Russia, India, China and South Africa.

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

Iran’s Foreign Ministry Spokesperson said that Tehran’s membership in the BRICS group would result in added values for both sides. Russia said, Argentina had also applied to join.

Argentine President Alberto Fernandez, currently in Europe, has in recent days reiterated his desire for Argentina to join BRICS.

China has by far the largest economy in the BRICS grouping, accounting for more than 70 of the group’s collective 27.5 trillion US dollars in economic might. India accounts for about 13 per cent, with Russia and Brazil each accounting for about seven 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.