A Political Economy Approach to the Islamic Republic of Iran’s Engagement with BRICS

A Political Economy Approach to the Islamic Republic of Iran’s Engagement with BRICS
Authors: Mohsen Jamshidi, Nosratollah Heydari, Sara Fallahi
Journal: International Political Economy Studies (Motale‘at-e Eghtesad-e Siyasi-ye Beynolmelal)
Volume: 7
Issue: 1
Year: Spring–Summer 1403 (2024)

Article introduction
Using a political economy approach and a descriptive–analytical method, this article examines Iran’s membership in BRICS and the group’s capacity to improve Iran’s economic situation. The researchers argue that although BRICS is largely defined in economic terms, its goals go beyond economics and include steering the world toward a multipolar order and integrating emerging powers into international decision-making—objectives consistent with Iran’s interests and strategies.
The findings show that BRICS membership can give Iran access to financial resources, a contingent reserve arrangement, and the New Development Bank, thereby helping the country secure economic benefits under sanctions. The authors stress that balancing the commitments Iran assumes during the membership process against the advantages gained is essential for effective participation.
The article concludes that full membership can, beyond economic gains, increase Iran’s international prestige. However, unrealistic expectations from BRICS are misguided, and success depends on careful management and smart planning. The study also examines constraints and challenges such as the effects of the Russia–Ukraine war, the weaknesses of some emerging member states, and the incomplete acceptance of Iran by existing members, recommending a gradual, phased approach to joining key BRICS institutions.