Iran and Argentina want in on the emerging economies bloc BRICS.
Tehran has revealed that it’s applied to become a member with the Foreign Ministry noting that the move would be valuable for both sides. This while Russia’s Foreign Ministry confirmed that Argentina also applied. The South American country’s President Alberto Fernandez has repeatedly expressed his desire to join the bloc.
The BRICS group comprises of Brazil, Russia, India, China and South Africa. They collectively account for just over 40 percent of the world’s population, 24 percent of global GDP and 16 percent of international trade.
In recent months Russia has leaned on this bloc to overcome the Western sanctions. Moscow has expanded its trade. China and India have been buying its crude oil.
Analysts believe the increased economic strength of BRICS cooperation will better help developing countries in tackling economic shocks caused by the hegemony and unilateralism of mainly Western nations.