Adviser to PM: 70 percent of Iraq’s imports are made with BRICS countries

Baghdad-INA
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained on Sunday, in detail the importance of Iraq joining the BRICS group, stressing the necessity of this step for the future of sustainable development and the progress of Iraq’s economy.

Salih said to the Iraqi News Agency (INA): “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 (BRIC or BRICS), which was launched in 2001 by Goldman Sachs economist Jim O'Neill to describe the fast-growing economies that he expects will collectively dominate the global economy by 2050."

He added, "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 the countries of that economic group, which includes the strongest emerging markets in the world," noting that "there is a direct dependence on the BRICS group of countries on an important percentage of Iraq's oil exports, which are no less than 55 percent, especially the countries of India and China."

He explained, "Approximately 70 percent of Iraq's imports are currently made with the BRICS countries themselves, which means that the commercial partnership and Iraq's strong economic interests automatically push towards international economic cooperation with our country's commercial partners, especially 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 and economic progress in our country."

Salih pointed out that the BRICS group currently occupies about 27 percent of the world’s land area and 42 percent of the world’s population, as Brazil, Russia, India, and China are among the ten largest countries in the world in terms of population, area, and gross domestic product (according to (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” group are also members of the G20, which includes the United States of America and the rest of the G7.

Prime Minister Muhammad Shiaa Al-Sudani earlier confirmed Iraq's readiness to join the BRICS group if it received an invitation from the founding countries.