Why it matters:
Iran is trying to reduce the impact of Western financial sanctions and gain access to new markets by joining economic alliances such as BRICS.
The big picture:
The 11th BRICS Parliamentary Assembly will take place in Brasilia, Brazil, from June 13 to June 15, 2025. The theme is "The Role of BRICS Parliaments in Building More Inclusive and Sustainable Global Governance."
The assembly will focus on cooperation on issues including trade, artificial intelligence, climate change, global health, investment and finance, and multilateral measures to sustain peace and security.
What he's saying:
Mohammad Baqer Qalibaf, the speaker of the Iranian Parliamentm stated on Saturday night before departing for three Latin American countries and attending the BRICS summit: "We are prepared for a regional tour of Latin America, which will begin in Venezuela at the invitation of the Speaker of the National Assembly of that country, aimed at enhancing relations in economic, political, and cultural matters."
The Speaker highlighted the significance of Latin America, adding: "This region, with a population of over 600 million, has a good alignment with Iran in international affairs. All of these countries condemn unilateralism and support multilateralism, which presents a valuable opportunity for expanding relations with Tehran."
Regarding the BRICS group, Qalibaf explained: "BRICS represents more than 49% of the world's population, 39% of the global economy, and approximately 24% of global trade."
Qalibaf described Iran's participation in the BRICS summit as an important opportunity, particularly in economic matters, the BRICS Bank, and the BRICS Pay system (an innovative payment system introduced by BRICS countries). He emphasized that this system could serve as an alternative to SWIFT (the Society for Worldwide Interbank Financial Telecommunication), allowing Iran to strengthen economic ties with powerful global economies and take necessary actions to counter sanctions.
Key points:
- The BRICS organization is an international group led by emerging economic powers, including China, India, Russia, Brazil, and South Africa.
- At the BRICS summit in Johannesburg in late August 2023, the membership of five countries—namely the Islamic Republic of Iran, Saudi Arabia, the United Arab Emirates, Egypt, and Ethiopia—was accepted. These nations officially became members of the organization starting from January 2024.
Go deeper:
BRICS is poised to play a pivotal role in reshaping global economic dynamics, fostering cooperation among emerging markets, and challenging traditional financial institutions dominated by Western powers. Iran seeks to expand ties with the member states, countering the U.S. unilateral sanctions and locating its place among emerging economies.
Ashkan Salehian
