During a recent BRICS meeting in Durban, South Africa, it was announced that the organization will see a significant expansion with the formal inclusion of Iran, along with Saudi Arabia, the United Arab Emirates, Egypt, and Ethiopia. This expansion will double the number of BRICS members. The next BRICS conference is scheduled for January 30 in Moscow, where representatives from the new member countries are expected to attend.
In an interview with Sputnik, Iran’s Deputy Foreign Minister for Political Affairs, Ali Bagheri Kani, emphasized Iran’s dedication to working with fellow BRICS members on de-dollarization across various economic sectors. Bagheri Kani highlighted ongoing initiatives focused on trade, economic collaboration, and financial exchanges within the BRICS bloc.
He underscored the importance of collective efforts to reduce reliance on the U.S. dollar, aiming to create a framework that promotes economic independence and resilience among member nations.
Since its establishment in 2009, BRICS—comprising Brazil, Russia, India, China, and South Africa—has become a key player in global economic discussions. The upcoming inclusion of Iran, along with Argentina, Egypt, Ethiopia, the UAE, and Saudi Arabia, signifies a notable shift in the geopolitical landscape, with full membership effective from January 1, 2024.
Russia’s Deputy Foreign Minister, Sergey Ryabkov, revealed plans for BRICS countries to accelerate the use of national currencies, moving towards a more balanced global economic framework and reducing the vulnerabilities tied to a single currency.
In addition to this, BRICS has announced intentions to introduce a gold-backed currency for international trade payments, challenging the dominance of the U.S. dollar. This move reflects the growing trend towards de-dollarization and signals BRICS’ strategic shift towards economic autonomy and resilience.
Iran’s involvement in these initiatives underscores a broader movement among major economies to reshape the global economic order. As BRICS continues to evolve, its efforts towards economic independence are set to play a crucial role in the future of international trade and finance.
