Iran, which holds the world's second largest gas reserves, has applied to join the BRICS group of Brazil, Russia, India, China and South Africa that Beijing and Moscow cast as a powerful emerging market alternative to the West.
The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the startling rise of Brazil, Russia, India and China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.
Argentine President Alberto Fernandez, currently in Europe, recently reiterated his desire for his country to join BRICS. China has by far the largest economy in the BRICS grouping, accounting for more than 70% of the group's collective $27.5 trillion economic might. India accounts for about 13%, with Russia and Brazil representingabout 7%, according to IMF data.Since the 1979 Islamic Revolution that swept U.S.-backed Shah Mohammad Reza Pahlavi from power, Iran has been ostracised by the West and its economy crippled by a myriad of sanctions. It holds around a quarter of the Middle East's oil reserves.
The United States and European powers cite Putin's decision to invade Ukraine as the reason relations with the West have sunk to the lowest level since the 1962 Cuban Missile Crisis - including the severest sanctions in modern history.
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