The event, organized by the Ministry of Foreign Affairs of Iran, aims to facilitate dialogue and cooperation between Iran and the BRICS member countries – Brazil, Russia, India, China, and South Africa.

Participants from key BRICS nations attend conference

Officials from the five BRICS member countries are participating in the one-day conference, according to a statement released by the Ministry of Foreign Affairs of the Islamic Republic of Iran. Notable attendees include representatives from India, China, Brazil, Russia, and South Africa. The event serves as an opportunity for high-level discussions on potential collaborative ventures and the enhancement of economic cooperation between Iran and the BRICS nations.

Iran's invitation extended by Foreign Minister Abdollahian

Hossein Amir Abdollahian, the Iranian Foreign Minister, extended an invitation to all BRICS member countries during the Friends of BRICS meeting held in Cape Town, South Africa. He emphasized the significance of the conference in delving into Iran's cooperation potentials with the BRICS alliance. This move showcases Iran's commitment to strengthening diplomatic and economic bonds with emerging global powers.

Understanding BRICS: A rising force in the global economy

BRICS, an acronym representing Brazil, Russia, India, China, and South Africa, constitutes a prominent economic alliance. Comprising about 40% of the global population and contributing approximately 25% to the world economy, these nations wield considerable influence in the international economic landscape. They play pivotal roles in commodity markets and exert substantial impact on the global financial system.

Key achievements of BRICS

Over the years, the BRICS nations have achieved noteworthy milestones in their pursuit of economic cooperation and development:

1. Financial Institutions Establishment: The creation of financial institutions like the BRICS Development Bank and the BRICS Contingent Reserve Arrangement has facilitated funding for development projects within the member nations.

2. Enhanced Trade and Investment: Collaborative efforts to boost trade and investment among the BRICS countries have contributed to economic growth and stability.

3. Unified International Stance:These nations have effectively coordinated their positions on critical global issues, including climate change and United Nations reform.

4. Summits for Collaboration: Hosting various summits and events has further cemented cooperation and mutual understanding between the member states.

Future prospects: BRICS's growing role on the global stage

While relatively new to the international scene, the BRICS alliance has already made substantial contributions. As they continue to strengthen economic ties, coordinate positions on key global matters, and foster development initiatives, the BRICS countries are expected to play an increasingly pivotal role in shaping the global economy and politics of the 21st century. (ILKHA)