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Iraq's accession to BRICS... impressive economic advantages
The first 10/30/2023
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Baghdad: Hoda Al-Azzawi
Since Prime Minister Muhammad Shiaa Al-Sudani announced at the beginning of this October Iraq’s desire to join the “BRICS” group, and analyzes by experts in financial and economic affairs confirm that Iraq’s progress towards completing joining the “BRICS” will contribute to the development of the country’s economic sectors. And to get out of the pressures of Iraq’s unilateral monetary dealings in the “dollar” area.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, told Al-Sabah that “the BRICS group was initially formed from countries that included Brazil, Russia, India, China and South Africa.”
He pointed out that "there is an objective basis for Iraq's desire to join the BRICS group, which is represented by the Iraqi economy's ties with the group's countries due to its dependence on an important percentage of Iraq's oil exports of no less than 55%, especially China and India, and nearly 70% of Iraq's imports are made with... BRICS countries or those seeking to join them, and this means that the commercial partnership and Iraq’s strong economic interests automatically push towards international economic cooperation with our trading partners, especially in the issue of looking towards broader areas in the flow of the group’s investments to our country in the context of obtaining the benefits of joining in order to serve the future. Sustainable development and economic progress in our country.”
Saleh added, “According to the purchasing power parity standard, 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 the purchasing power parity standard, and the last three countries (India, China, and Russia) are considered great powers.” And potential emerging ones, 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).
Some international economic analyzes have suggested that Iraq's joining the BRICS alliance and using its financial dealing system instead of the current SWIFT system will have major impacts on the global economy. "Watcher Guru" magazine, which specializes in economic affairs, stated that "the consequences of Baghdad's expected decision will push the US dollar to the brink of the abyss," stressing that "if Iraq joins BRICS, the US dollar will suffer the biggest blow in its history," according to its description. To this, the analyst pointed out the matter
. Economist Jalil Al-Lami, in an interview with Al-Sabah, noted that “Iraq has announced on more than one occasion its readiness to join the BRICS group, especially since the Iraqi economy is distinguished in most of its indicators by the diversity of natural, human and capital resources, but it suffers from the oil sector’s control over the output.”
He explained that “the economic policies adopted by Iraq represent a reason for not achieving economic growth because of their focus on the public sector as the main driver of economic growth, while the private sector has not had the opportunities to implement huge investments.” He explained that “there is a great similarity between the capabilities Iraq's economic capabilities are comparable to what the BRICS countries possess, and thus it is easy for Iraq to achieve high economic growth rates such as those achieved by those countries due to their reliance on more than one resource.
He added that "decision-makers in Iraq should seriously consider studying the possibility of Iraq joining the BRICS countries in order to benefit from the advantages of this accession in developing the economic sectors in Iraq, due to the presence of a broad similarity in Iraq's capabilities - especially the inactive ones - and the level of economic progress and the nature of the conditions for a number of members." The BRICS countries, if not Iraq, are better than them in the case of stimulating economic activities and optimally exploiting their resources.”
Edited by: Muhammad Al-Ansari
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