Iraq and BRICS, 26 OCT

 Iraq and BRICS

Economical  10/25/2023   Muhammad Sharif Abu Maysam    The most important characteristic of Iraq’s economic relationship with the BRICS group is the volume of trade exchange, as Iraq’s oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.

The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.

The global economy, as well as the possibility of trade partnership within the Chinese “Belt and Road” program within the framework of a clearly defined program in which the common rights and interests of the countries of the group and the countries participating with it are guaranteed without monopoly or domination.

Iraq’s location is considered one of the most important locations on the map of trade between East and West, in addition to its importance on the map of global oil markets. Certainly, the mechanisms of this cooperation will push towards more partnerships with the countries of this group, especially investment partnerships in a promising and attractive environment once the main goals of engagement are achieved. In this group.

BRICS are the first letters of the names of five countries with rapidly growing economies that share the desire to be liberated from Western hegemony over the global economy, and to put an end to this hegemony in international political issues. These countries are (Brazil, Russia, India, China, and South Africa), and recently this group was able to attract…

A number of the most important and promising economies in the world, including (Argentina, Venezuela, Algeria, the Kingdom of Saudi Arabia, Iran, Egypt and the United Arab Emirates).    

Most of these countries have locations on the map of the Chinese “Belt and Road” initiative and have a desire to transact business through their local currencies in purchasing goods, to ensure freedom from the power and hegemony of the dollar over commercial exchanges, while Iraq shares its important position and the desire to be free from the power of the dollar, which has caused Many monetary and financial imbalances were one of the elements that repel investment,

which means that Iraq’s economic interests push towards economic cooperation with the countries of this group and the aspiration towards monetary stability and towards broader areas in the flow of investments from the BRICS countries in a way that serves the future of sustainable development in our country. https://alsabaah.iq/86116-.html