Argentina and Iran seek BRICS ((Brazil, Russia, India, China, and South Africa) membership. 

What is BRICS and its purpose

The abbreviation “BRICS” stands for the developing national economies of South Africa, Brazil, Russia, India, and China. Jim O’Neill, an economist of Goldman Sachs, first used the word “BRIC” in his 2001 paper entitled Building Better Global Economic BRICs External. Brazil, Russia, India, and China all enjoyed tremendous economic growth at that time, prompting questions about how they will affect the global economy. Informally gatherings of these nations’ foreign ministers began in 2006, and from there, more official annual summits started in 2009.

South Africa joined the informal organization in December 2010, changing the term to BRICS. According to the World Factbook, these emerging markets account for approximately 31% of global GDP and together make up 42% of the global population.

Overall, these gatherings are arranged to help the economies of the nations and provide their leaders a chance to cooperate on these initiatives.  

Argentina and Iran applied to join BRICS 

Days after a summit of the five-nation bloc, wherein the leaders agreed to continue discussing the possibility of admitting new countries to the grouping on the basis of “full consultation and consensus,” Iran and Argentina have applied to join the BRICS mechanism, according to the Russian state media. Argentina and Iran have submitted membership applications to the BRICS (Brazil, Russia, India, China, and South Africa) group, according to Maria Zakharova, a spokeswoman for the Russian Foreign Ministry. 

It stated that Tehran has submitted an application to join the BRICS, according to Saeed Khatibzadeh, spokesman for the Iranian Foreign Ministry. According to him, Tehran submitted the application to join BRICS. 

Hope was voiced by the diplomat that “Iran will be able to contribute to the operation of the BRICS and benefit the organization.” 

According to the Tass report, Argentina’s President Alberto Fernandez stated at a BRICS+ meeting last week that his nation wants to join the group as a full member. 

According to reports, Saudi Arabia also showed interest in joining the group before the summit. 

The BRICS bloc’s potential expansion was discussed at the virtual summit on June 23 that China, the group’s chair this year, sponsored. 

According to the statement released following the summit, the leaders will keep talking about the prospect of including new nations in the group of five on the basis of “complete consultation and consensus.”  

When asked about Iran and Argentina’s applications to join BRICS during a media briefing here on Tuesday, Chinese Foreign Ministry spokesperson Zhao Lijian said many nations have expressed interest in joining the group of five emerging markets. 

Zhao said that the BRICS nations “agreed that it is critical to step up cooperation with other emerging markets and developing economies in order to improve the representativeness of the BRICS mechanism and make it loudly heard on key international issues so that we can better rise to challenges and uphold the interests of emerging markets and developing countries.” 

“We have noted the willingness of numerous nations, including Iran and Argentina, to join the BRICS family. As the BRICS chair this year, China actively encourages the other BRICS nations to begin the membership expansion process in order to advance BRICS Plus cooperation, the official stated. 

Zhao stated that the leaders of the BRICS expressed their support for the extension of the BRICS mechanism in a “unison of voice” during the 14th summit, which was held on June 23. 

In order for like-minded countries to join the BRICS family, he stated, “China will work with BRICS partners to advance the expansion process methodically.” 

According to the proclamation, “We shall continue to establish clear priorities in our extensive cooperation, on the basis of consensus, and strengthen our strategic partnership to be more effective, pragmatic, and results-oriented.” 

“We support encouraging BRICS member states to discuss the process of BRICS enlargement. We emphasize the necessity for comprehensive collaboration and consensus when defining the guiding principles, standards, criteria, and procedures for this expansion process through the Sherpas’ channel, the statement read.