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Three obstacles preventing Iraq from joining the BRICS group
Economy | Yesterday, 20:43 |
Baghdad today - Baghdad
Today, Tuesday (October 22, 2024), Professor of International Economics Nawar Al-Saadi revealed the reasons for Iraq not joining the BRICS group.
Al-Saadi told “Baghdad Today” that
“Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that
Iraq did not meet the conditions for joining, and the most prominent of these conditions is that it be among one of the economies.”
"But Iraq has a rentier economy par excellence and depends only on the export of oil as a main source of income, which makes its economy less diversified compared to the founding countries of the group, such as China and India." He added:
"The second important question is that Iraq should have absolute financial sovereignty over its economy and not as it is now, where
it is subject to the rules and conditions of the US Federal Reserve in granting financial shares." He explained,
"Also, Iraq's trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition,
Iraqi foreign policy is still balanced between competing global powers, including the United States, which looks warily at... The expansion of BRICS and its geopolitical influence,” pointing out that
“in the future, these dynamics may change, especially if economic diversification is strengthened and internal political stability and absolute financial sovereignty are achieved.” He noted,
"If Iraq joins, it may benefit from expanding economic cooperation opportunities with countries such as China and Russia, including investments in infrastructure and non-oil sectors, and
this may help reduce dependence on oil and diversify sources of income."
The professor of international economics concluded his statement by noting that
“there are some potential harms to Iraq joining BRICS, and entering into a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current commercial and political relations.” With Western countries, and
dealing with some of the BRICS founding countries, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”
BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the Emirates, Iran and Egypt.
The number of members of the bloc has increased, and
its work focuses on the economy before politics, and seeks to break Western “hegemony” over the international system, but
many factors make this a long and thorny path, according to what specialists see.
Russia, the founding country of the group, which is engaged in a fierce war with Ukraine, hosts more than 20 leaders at the annual summit, putting forward an ambitious agenda, the most important of which is “getting rid of dollarization” and developing alternative financial mechanisms.
https://baghdadtoday.news/260513-ثلاث-عقبات-تحول-دون-انضمام-العراق-لمجموعة-بريكس.html
Economy | Yesterday, 20:43 |
Baghdad today - Baghdad
Today, Tuesday (October 22, 2024), Professor of International Economics Nawar Al-Saadi revealed the reasons for Iraq not joining the BRICS group.
Al-Saadi told “Baghdad Today” that
“Iraq has not joined the BRICS group yet for several reasons related to the current economic and political situation, in addition to the fact that
Iraq did not meet the conditions for joining, and the most prominent of these conditions is that it be among one of the economies.”
"But Iraq has a rentier economy par excellence and depends only on the export of oil as a main source of income, which makes its economy less diversified compared to the founding countries of the group, such as China and India." He added:
"The second important question is that Iraq should have absolute financial sovereignty over its economy and not as it is now, where
it is subject to the rules and conditions of the US Federal Reserve in granting financial shares." He explained,
"Also, Iraq's trade relations with some BRICS members, such as Brazil and South Africa, are not strong enough to support it in this direction. In addition,
Iraqi foreign policy is still balanced between competing global powers, including the United States, which looks warily at... The expansion of BRICS and its geopolitical influence,” pointing out that
“in the future, these dynamics may change, especially if economic diversification is strengthened and internal political stability and absolute financial sovereignty are achieved.” He noted,
"If Iraq joins, it may benefit from expanding economic cooperation opportunities with countries such as China and Russia, including investments in infrastructure and non-oil sectors, and
this may help reduce dependence on oil and diversify sources of income."
The professor of international economics concluded his statement by noting that
“there are some potential harms to Iraq joining BRICS, and entering into a bloc that challenges Western hegemony, especially the United States, which may lead to diplomatic or economic tensions with the West, which negatively affects Iraq’s current commercial and political relations.” With Western countries, and
dealing with some of the BRICS founding countries, such as Russia, which faces international sanctions, may put Iraq in sensitive positions on the international scene.”
BRICS is a group of nine countries: Saudi Arabia, Russia, China, South Africa, India, Brazil, the Emirates, Iran and Egypt.
The number of members of the bloc has increased, and
its work focuses on the economy before politics, and seeks to break Western “hegemony” over the international system, but
many factors make this a long and thorny path, according to what specialists see.
Russia, the founding country of the group, which is engaged in a fierce war with Ukraine, hosts more than 20 leaders at the annual summit, putting forward an ambitious agenda, the most important of which is “getting rid of dollarization” and developing alternative financial mechanisms.
https://baghdadtoday.news/260513-ثلاث-عقبات-تحول-دون-انضمام-العراق-لمجموعة-بريكس.html
