BRICS is made up of Brazil, Russia, India, China and South Africa. British Economist Jim O'Neill first coined the term in 2001 in his "Building Better Economic BRICs" study. South Africa later joined the bloc in 2010, which added the letter "S" to the group's acronym.
Saeed Khatibzadeh, spokesman for the Iranian Ministry of Foreign Affairs, said Tehran has already had "a series of consultations" with BRICS about its application. He lauded the group's "very creative mechanism with broad" aspects even though it was not a treaty bloc.
Khatibzadeh added that Iran's membership in BRICS "would result in added values for both sides."
Meanwhile, Argentinian officials could not be reached for immediate comment about Buenos Aires' application. However, Argentinian President Alberto Fernandez said his country is hoping to become a full member of the group.
"We are enthusiastic about the prospect of coordinating policies that enhance the agenda of the countries of the global south," said the Argentinian leader. "We aspire to be full members of this group of nations."
Fernandez also cited several reasons why Argentina joining BRICS is a productive prospect.
"We are safe and responsible food suppliers, recognized in the field of biotechnology and applied logistics technology. This means that we are not only capable of producing and exporting food. We also know how to provide services and train specialists, so that other countries can increase their productive efficiency and thus improve the quality of life of their inhabitants."
Maria Zakharova, spokeswoman for the Russian Ministry of Foreign Affairs, confirmed the applications lodged by Buenos Aires and Tehran for BRICS membership.
"While the White House was thinking what to disconnect, ban or spoil the world, Argentina and Iran have applied for joining BRICS," she wrote in a message on the Telegram app.
If Iran and Argentina are accepted as BRICS members, their respective currencies – the Iranian rial and the Argentinian peso – will be part of a new global reserve currency set to topple the dollar's domination.
Russian President Vladimir Putin said the BRICS member countries are currently working on setting up a new global reserve currency. It will be made up of the currencies of the five nations – the Brazilian real, the Russian ruble, the Indian rupee, the Chinese yuan and the South African rand.
"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said during the BRICS business forum. He added that the group is also developing reliable alternatives for international payment to replace the West-backed SWIFT platform. (Related: HOW AMERICA ENDS: Putin announces new BRICS global reserve currency project to REPLACE the petrodollar.)
Earlier, BRICS said it was working on establishing a joint payment network to cut reliance on the Western financial system. Aside from this, the member countries have been also boosting the use of local currencies in mutual trade.
"It is only on the basis of honest and mutually beneficial cooperation that we can look for ways out of the critical situation that has emerged in the world economy," Putin said in a speech. The Russian leader blamed "the ill-conceived and selfish actions of certain states, which, by using financial mechanisms, are actually shifting their own macroeconomic policy mistakes onto the rest of the world."
Watch this Russia Today report about the BRICS group opening up to new members.
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