A new powerhouse ...
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Iran can utilize the New Development Bank to implement many of its development projects and draw on the CRA to cushion itself against sudden economic and financial shocks. Recently, BRICS unveiled its payment mechanism, which allows countries to trade in local currencies. Members are also moving toward launching a new currency. Hence, BRICS’ economic capacities can be a golden opportunity for Iran’s economy.
5. Iran’s accession to BRICS can draw members’ attention to its national and regional capacities. One of Iran’s most remarkable capacities is its transit potential. Transport corridors are not built overnight; once constructed, they can remain active for decades. Iran’s north-south, east-west corridors, and waterways offer advantages to both BRICS member states and Iran, which was a key topic of discussion between Iranian President Masoud Pezeshkian and Indian Prime Minister Narendra Modi on the sidelines of the Kazan summit.
6. In a nutshell, Iran’s membership in BRICS has created a new institutional power for the country, reducing its vulnerability to external political, security, and economic pressure.