BRICS Expansion Signals Western Policies Have Failed BY LENA PATROVA, 16 JUNE.

BRICS Expansion Signals Western Policies Have Failed

Professor Seyed Mohammad Marandi, an academic at the University of Tehran and a political analyst, joins Lena Petrova to discuss the recent news with respect to the BRICS bloc, economic development aspirations for the global majority, and what Iran’s full membership in the BRICS+ means for its economy.

The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, is a powerful group of emerging economies that have been making waves in the global political and economic landscape. With a combined GDP of over $16 trillion, these countries represent over 40% of the world’s population and 25% of the global economy. The bloc has been steadily expanding its influence, and the recent inclusion of Iran as a full member of the BRICS+ is a significant development that has caught the attention of the world.

Professor Marandi explained that Iran’s full membership in the BRICS+ is a strategic move that will enable the country to tap into the vast resources and economic potential of the bloc. With Iran’s rich oil and gas reserves, the country is well-positioned to contribute to the energy security of the BRICS bloc. Moreover, Iran’s strategic location, connecting the Middle East, Central Asia, and Europe, makes it an attractive partner for trade and investment.

The BRICS+ bloc has stated that it aims to promote economic development and cooperation among its members, with a focus on technology transfer, innovation, and sustainable development. This aligns with Iran’s own development aspirations, as the country seeks to modernize its economy, create jobs, and improve the living standards of its people.

Professor Marandi noted that the BRICS+ bloc offers a viable alternative to the Western-dominated international economic system, which has often been hostile to the interests of emerging economies. By fostering greater economic cooperation and integration among its members, the BRICS+ bloc can help to reduce the dependence of its members on the Western economies and create a more balanced and equitable global economic system.

The full membership of Iran in the BRICS+ bloc is also expected to have significant implications for the country’s economy. With access to a larger market and greater investment, Iran’s economy is expected to grow at a faster pace. This, in turn, will create new opportunities for trade and investment, as well as job creation and poverty reduction.

However, Professor Marandi cautioned that Iran’s full membership in the BRICS+ bloc is not a panacea for all of the country’s economic challenges. The country still needs to address issues such as corruption, bureaucratic red tape, and regulatory uncertainties that have been hampering its economic development.

In conclusion, the full membership of Iran in the BRICS+ bloc is a significant development that has the potential to transform the country’s economy and enhance its global standing. By fostering greater economic cooperation and integration among its members, the BRICS+ bloc can help to create a more balanced and equitable global economic system, one that better serves the interests of the global majority. We eagerly look forward to seeing how this development will unfold in the coming months and years.