Iran's Envoy to Russia Highlights BRICS' Crucial Role in Shaping the Future of Global Politics

Iran’s Envoy to Russia Highlights BRICS’ Crucial Role in Shaping the Future of Global Politics

The BRICS group of emerging economies is set to become a significant force in shaping the future of global dynamics, according to Iran’s Ambassador to Russia, Kazem Jalali. In a recent statement made in Moscow, he emphasized the growing influence of BRICS amidst a changing international landscape.

Jalali highlighted several key factors contributing to the rise of BRICS:

  • International Power Structure: The current global power structure is perceived as slow and ineffective in addressing pressing issues, which has paved the way for BRICS to gain prominence.
  • De-dollarization: A primary focus of BRICS is the de-dollarization agenda, aiming to reduce reliance on the US dollar in global trade.
  • Future Projections: By 2030, it is predicted that the US dollar’s share in central bank reserves will decline from 58% to approximately 35-40%.

Furthermore, Jalali pointed out that BRICS countries are projected to account for 48% of the world’s Gross Domestic Product (GDP) by 2030. As economic indicators for the G7 nations continue to falter, he noted:

  • BRICS’s economy is expected to surpass one-third of the global GDP.
  • The bloc’s exports could represent about a quarter of global exports.

In addition, the ambassador mentioned the establishment of the New Development Bank (NDB) as a significant move towards providing an alternative to the World Bank and other Western development frameworks.

Looking ahead, Jalali referred to 2024 as a pivotal year for BRICS, marking an expansion from five to ten members. This expansion was officially recognized during the BRICS summit held in South Africa in 2023, where five new countries, including Iran, were invited to join the influential group.

With these developments, BRICS is poised to play an increasingly vital role in global economics and politics.

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