The Role and Position of BRICS-Plus in the Global Economy and Opportunities for Iran

The Role and Position of BRICS-Plus in the Global Economy and Opportunities for Iran
Article type: Research article
Authors: Mirabdollah Hosseini, Yahya Fathi, Bahram Amir-Ahmadian
Source: Economic Strategy Quarterly (Faslname-ye Elmi-e Rahbord-e Eghtesadi)
Volume: 13
Issue: 49
Season: Summer 1403 (2024)

About the article
The article “The Role and Position of BRICS-Plus in the Global Economy and Opportunities for Iran,” using the “new regionalism” approach, evaluates Iran’s current and future position in the BRICS-Plus group. By examining the historical performance of BRICS and analyzing intra-group and cross-regional trade trends, the authors seek to determine to what extent this mechanism can generate economic and geopolitical benefits for Iran.
According to the indicators used in the article, economic homogeneity among BRICS members has increased over the past quarter century, and although intra-group trade still accounts for a relatively small share, the overall trend has been upward. The findings show that the increase in Iran’s exports to BRICS—mainly China—has not translated into a higher overall weight for Iran in global trade and has in fact led to trade diversion.
The article emphasizes that cooperation with BRICS-Plus can strengthen Iran’s bargaining power in the international system and create opportunities in areas such as energy, investment, tourism, and reducing supply-chain costs. However, taking advantage of these capacities depends on lifting sanctions and strengthening Iran’s economic infrastructure. The authors also explain that in recent years Iran has sought to counter sanctions and economic isolation by adopting a “new regionalism” strategy through deeper ties with China and Russia and participation in alternative financial and trade initiatives. Overall, the article considers BRICS-Plus one of the most important pathways for Iran to diversify its currency basket and expand its economic interactions.