Today, Sunday, Mazhar Muhammad Salih, the Prime Minister’s financial adviser, outlined in detail the relevance of Iraq entering the BRICS group, emphasizing the importance of this move for the future of sustainable growth and the success of Iraq’s economy.
In a statement to the press, Saleh stated, “The BRICS group is (an international economic grouping between governments) that includes Brazil, Russia, India, China and South Africa, where the origin of the name (BRICS) goes back, which was launched in the year 2001 by the economic expert in the group.” Jim O’Neill of Goldman Sachs Financial describes the fast-growing economies that are predicted to jointly control the world economy by 2050.
“Iraq announced its desire to join the BRICS group, as there is an objective basis related to the connections of the Iraqi economy with the markets of the BRICS group itself, as it reflects the current account of the Iraqi balance of payments with that economic group, which includes the strongest emerging markets in the world,” he added, noting that “there is a direct dependence on the BRICS group of countries on an important percentage of Iraq’s oil exports.”
“Approximately 70% of Iraq’s imports are currently made with BRICS countries themselves,” he explained, “which means that the commercial partnership and Iraq’s strong economic interests automatically push towards international economic cooperation with our country’s commercial partners, particularly in the issue of looking towards broader areas in the flow of… The group’s investments, and obtaining benefits for joining in order to serve the future of sustainable development.”
He noted that the BRICS group currently occupies about 27% of the world’s land area and 42% of the world’s population, as Brazil, Russia, India, and China are among the world’s ten largest countries in terms of population, area, and GDP (according to the purchasing power parity standard), and the last three countries (India, China, and Russia) are considered potential emerging great powers, while all five countries in the “BRICS”
Prime Minister Muhammad Shiaa Al-Sudani previously stated that Iraq is willing to join the BRICS organization if invited by the founding nations.