Iran, which has the world’s second largest natural gas reserves; Brazil has applied to join the BRICS group, which consists of Russia, India, China and South Africa. Beijing and Moscow hope the BRICS will create an emerging market alternative to the West.
The term BRIC was first used by Goldman Sachs economist Jim O’Neill in 2001 to refer to the rise of Brazil, Russia, India and China. The term BRIC (Brazil, Russia, India, China), consisting of the initials of the English names of these countries, later became “BRICS” with the participation of South Africa (South Africa).
Iranian Foreign Ministry Spokesperson stated that their countries’ BRICS membership would be beneficial for both sides. Russia, on the other hand, reported that Argentina is another country that has applied for membership in the group.
Message from Russia to USA
Russia has claimed that its membership applications show that the US-led West’s efforts to isolate Moscow from what it describes as a “special military operation” in Ukraine are failing.
“While the White House was considering what else to close and ban in the world, Argentina and Iran applied for BRICS membership,” said Maria Zakharova, spokesperson of the Russian Ministry of Foreign Affairs.
Argentine President Alberto Fernandez, currently in Europe, has expressed his country’s desire to join the BRICS group.
A government source from Argentina reported that the official application process has not yet started, but they intend to apply.
Anonymous source told Reuters news agency: “Argentine authorities have already openly raised their desire to join the group. This is a process that has just begun,” he said.
China accounts for 70 percent of the BRICS economy
China is by far the largest economy of the BRICS group and accounts for 70 percent of the group’s 27 trillion 500 billion economy. China is followed by India with 13 percent, Russia and Brazil with 7 percent.
The population of the BRICS countries corresponds to 40 percent of the world’s population and their economy to 26 percent of the global economy.
Since the Islamic Revolution ousted the US-backed Shah Reza Pahlavi in 1979, Iran has been ostracized by the West and its economy has been targeted by a chain of sanctions. Iran’s oil reserves make up about a quarter of the Middle East’s oil reserves.
Xi criticizes sanctions on Russia
Chinese President Xi Jinping attended the virtual summit of BRICS leaders last week.
Xi has criticized international sanctions as “abuse”. Putin, on the other hand, accused the West of causing a global crisis. Both leaders called for more cooperation under the BRICS.
Putin said relations with China were at their best level and announced a strategic partnership aimed at countering US influence.
US President Joe Biden says that the West is at war against autocratic regimes such as China and Russia.
The occupation of Ukraine has dragged the West’s relations with Russia to the bottom, as it did during the Cuban missile crisis in 1962. The occupation also resulted in the imposition of the heaviest sanctions in modern history on Russia.
A message of rapprochement with China, India and the Middle East from Putin
Putin states that the West wants to destroy Russia, that the sanctions mean economic war and that Russia will establish ties with the powers in China, India and the Middle East.
Putin accuses the United States of underestimating Russia after the Soviet Union’s overthrow in 1991 and of threatening Moscow by expanding the NATO military alliance.