BRICS membership to spur Iran’s growth
Iran’s membership in BRICS will pave the ground for improving the country’s economic growth and exports, Nima Mirzaei, an economic expert said Friday.
“BRICS stands as a powerful framework for economic advancement and serves as a huge market. Every nation, upon entering, can foresee positive prospects for its economy, as well as enhanced trade and political relations,” Mirzaei told IRNA.
He said following the US withdrawal from the 2015 Iran nuclear deal with world powers in 2018, the Islamic Republic was hit by a series of new sanctions that hampered its international interactions.
Mirzaei, a capital market analyst, noted, however, that recent government initiatives aimed at fostering political and economic relations with regional countries, particularly southern neighbors, had sparked “waves of renewed optimism”.
He added that Iran’s capacity for interactions and its vision of Eastern economies as emerging markets could “potentially challenge Western dominance,” led by the United States.
Mirzaei emphasized the significance of the cooperative efforts under BRICS, labeling it “the most robust platform and market,” with the potential to yield positive economic and diplomatic outcomes for every country, and “Iran is no exception”.
While he acknowledged that short-term leaps in Western interactions were not expected under current sanctions, he highlighted that the situation presented an “unparalleled opportunity” for Iran to engage in new paradigms.
Mirzaei predicted that Iran’s economic prospects would improve after joining the ranks of rising economies under BRICS.
“Various opportunities arising from Iran’s membership in BRICS would undeniably affect the macro-economic issues of the country in a positive way…, help bring down inflation and revalue the national currency.”
The expert added that Iran’s BRICS accession would “significantly bolster exports and help offset US sanctions,” as the extensive markets of fellow BRICS nations could provide a “major path” for the revival of Iranian exports.
Mirzaei projected that the new development could “unlock Iran’s potential for international investors,” eventually leading to renewed foreign investment in the country, which had seen ups and downs since the 1990s.
Amir-Ali Abolfat’h, an international affairs expert, also shared his views with ISNA on Friday, saying Iran’s membership in BRICS and its alignment with the Shanghai Cooperation Organization were major steps in advancing the country’s foreign policy.
Farshid Baqerian, another foreign affairs expert, urged the private sector to share responsibilities with the government for Iran’s better engagement with BRICS.
He suggested that a “BRICS council” be set up in Iran, involving the private sector, to assist the government in addressing possible challenges and shortcomings hindering the country’s interactions with the organization.