“FOR THESE REASONS, IT IS IMPOSSIBLE FOR IRAQ TO JOIN BRICS”, 26 OCT

 “FOR THESE REASONS, IT IS IMPOSSIBLE FOR IRAQ TO JOIN BRICS”

10/26/2024

There are many reasons behind Iraq not joining the BRICS group, the first of which is that the Iraqi economy is a rentier economy par excellence and depends on oil as a main source of income.

In this context, economic researcher Safwan Qusay confirmed that the Iraqi economy is a dollar economy par excellence, as the Central Bank’s reserves exceed $108 billion in the US Federal Reserve, as well as 145 tons of gold.

Qusay said, that “Iraq is not thinking of transforming into a BRICS economy because the volume of the trade dollar from the US dollar gives the Iraqi economy the power to exchange with most of the world’s economies that still do not have a unified currency, and it seeks to enhance confidence in local currencies for the purpose of trading between the economies of those countries by increasing the gold reserves of those countries.”

He added that “Iraq is currently moving towards enhancing the value of the Iraqi dinar and making it a stable value, and there can be direct dealings between Iraq and the countries that belong to BRICS through the exchange of local currencies between them.”
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He continued, “the BRICS group is an attempt to reduce the costs of mutual investments and mutual trade transactions and to create a financial system away from the SWIFT system.”  He pointed out that “Iraq is currently in compliance with the SWIFT international financial transfer system and is succeeding in the process of developing these standards in order to gradually be able to combat money laundering and study the levels of risk internationally through international correspondent banks that deal within the global SWIFT system.”

Political interests

The economic expert pointed out that “BRICS is a promising economy, but it is built on political interests more than economic interests between countries, so what hinders this group is the shift from political orientations to financial and economic orientations and the need for confidence in global currencies to increase the volume of global trade and global financial stability.”
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For his part, oil expert Bilal Khalifa confirmed that the BRICS group, which was launched in the Russian city of Kazan, took place under abnormal circumstances.REPORT THIS AD

Khalifa said, that “two wars are raging in the world, which are the Ukraine war and the Gaza and Lebanon war, and there is a third hidden war that is happening without the media shedding light on it, which is the internal war in Sudan.”  He added that “the common factor between the three wars is that the two conflicting parties represent the conflict between the eastern and western axes, meaning that the war between them is actually happening, but indirectly.”

He continued, “in the midst of these circumstances, the war is escalating, with war and conflict between the two parties, but this time in a different form, namely political and economic conflicts and wars, through holding a BRICS summit in the Russian city of Kazan, with the attendance of the leaders of the founding countries of the group (China, India, Russia, Brazil and South Africa) along with the leaders of the previously joined countries, except for the Crown Prince of Saudi Arabia.”

He pointed out that “as for Iraq, especially after 2003, the reason for the regime’s lack of regularity in BRICS combines two things: the first is its lack of interest in the first place, and the reason for that is its lack of awareness, due to the lack of advisory consultants and such matters that do not concern the ruling system, and the second is an unjustified fear of the unstable regime from America’s wrath!!  All of this indicates a great weakness in anticipating the future and moving towards multilateralism.”