Sudanese advisor: 70% of Iraq's imports are with the BRICS countries, 16 OCT

  Sudanese advisor: 70% of Iraq's imports are with the BRICS countries

Economy News - Baghdad

The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, revealed on Sunday that 70% of Iraq's imports are with the countries of the "BRICS" group.

Saleh told the official news agency, "The BRICS group includes Brazil, Russia, India, China and South Africa, where the origin of the name (BRICS or BRICS) was launched in 2001 by Goldman Sachs financial group economist Jim O'Neill to describe fast-growing economies that are expected to collectively dominate the global economy by 2050."

He added, "Iraq announced its desire to join the BRICS group, as there is an objective basis related to the links of the Iraqi economy with the markets of the BRICS countries themselves, as it reflects the current account of the Iraqi balance of payments with the countries of that economic group, which includes the strongest emerging markets in the world," noting that "there is a direct dependence of the BRICS group on an important percentage of Iraq's oil exports, which are not less than 55 percent, especially India and China.

He explained that "about 70 percent of Iraq's imports are currently with the BRICS countries themselves, which means that the trade partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's trade partners, especially in the issue of looking towards wider areas in the flow of the group's investments, and obtaining advantages to join in a way that serves the future of sustainable development and the progress of the economy in our country."

He added that the "BRICS" group currently occupies about 27 percent of the world's land area and 42 percent of the world's population, with Brazil, Russia, India and China among the ten largest countries in the world in terms of population, area and GDP (according to the purchasing power parity criterion), and the last three countries (India, China and Russia) are potential emerging superpower countries, while all five countries in the BRICS group are also members of the the twenty, which includes the United States of America and the rest of the Group of Seven."

Earlier, Prime Minister Mohammed Shia al-Sudani confirmed Iraq's readiness to join the BRICS group, if it receives an invitation from the founding countries.