Today: 14 October 2025
26 August 2023
1 min read

Iran Hopes To Offset Sanctions Impact With BRICS Membership

Iranian Parliament’s National Security and Foreign Policy Committee said that Iran’s membership in the BRICS will contribute to the ongoing effort to de-dollarise the world economy, reports Asian Lite News

Iranian lawmakers said the country’s accession to BRICS will help improve its economy and is an important step to offset the negative impact of US-led economic sanctions.

It was announced on Thursday at the 15th BRICS Summit held in South Africa that six countries, including Iran, Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates, have been invited to join the bloc, and their membership will take effect on January 1, 2024.

Speaking to Iran’s official news agency IRNA on Friday, Alireza Salimi, a member of the Iranian Parliament’s presiding board, said Iran’s membership of the Shanghai Cooperation Organisation (SCO) and BRICS, an acronym for five major emerging economies, namely Brazil, Russia, India, China, and South Africa, “is an outcome of the incumbent administration’s active diplomacy and an important step toward neutralising the US and European sanctions”.

Shahriar Heidari, a member of the Iranian Parliament’s National Security and Foreign Policy Committee, told IRNA on Friday that Iran’s membership in the BRICS will contribute to the ongoing effort to de-dollarise the world economy, Xinhua news agency reported.

The lawmaker said that similar to its admission to the SCO, Iran’s membership in the BRICS will have positive political and economic effects on the country and grow its geopolitical influence in the region.

By joining the BRICS, Iran will be able to improve its economic relations with other countries, reduce the impact of the sanctions, curb its inflation to a great extent and increase the national currency’s value against the dollar, Heidari added.

Speaking to the Iranian Parliament’s ICANA news agency on Friday, Abbas Moqtadaei, Vice-Chairman of the Parliament’s National Security and Foreign Policy Committee, hailed Iran’s accession to the BRICS as a success for the country’s foreign policy and said it would have a positive effect on the economy, trade, banking and monetary sectors.

ALSO READ: India Corrects China’s Assertion on BRICS Summit Interaction

Previous Story

FAWOW: Kerala’s Fashion Game-Changer

Next Story

India, Iran Give Renewed Push To New Trade Routes

Latest from -Top News

‘A Day to Rejoice’

In its statement, British Friends of Israel saluted the courage and resilience of the hostages and expressed deep sorrow for those who did not survive captivity After 737 days of anguish, the

UK to Lead Gaza Rebuild

PM announces an additional £20 million aid package aimed at providing essential water, sanitation and hygiene services to tens of thousands of people Prime Minister Keir Starmer attended the signing ceremony of

UK to host summit on Gaza recovery plan

The three-day conference, beginning Monday afternoon, will take place at Wilton Park, the Foreign Office’s policy forum based in West Sussex The UK will host an international summit on the recovery and

Gaza Truce Signed, Key Players Missing

Sisi reiterated support for the implementation of the Gaza ceasefire plan, stressing that the agreement must be “solidified and all its phases implemented…reports Asian Lite News A document formalising the recently brokered

Hamas Frees Captives

The Israeli Air Force announced that it has completed its preparations to receive hostages returning from Gaza to Israel….reports Asian Lite News The Red Cross has taken custody of the first group
Go toTop

Don't Miss

190 lawmakers urge Iran President to get firmer US guarantees in nuke talks

More than 190 Iranian lawmakers have urged President Ebrahim Raisi

Iran sees rise in oil output, exports amid promising nuclear talks

Iran has seen a surge in its production and exportation