Recently, Iran applied to join BRICS, a group consisting of Brazil, Russia, India, China and South Africa. On a global level, this forum represents 40% of the world population and 26% of the world economy. According to IMF data, China has the largest economy in this grouping and accounts for more than 70% of the BRICS total worth of around $27.5 trillion, while India comes in second at 13% and Russia and Brazil comprise the remaining 7%.  

Now with Iran's entry, more value will be added to BRICS as it holds around a quarter of the Middle East's oil reserves and second-largest global gas reserves. Invited to a virtual meeting of the BRICS summit, Iranian President Ebrahim Raisi has delivered a speech expressing Iran’s readiness to share its vast capabilities and potential to help the BRICS countries attain their goals. 

Around the same time that Tehran joined, two-day talks in Doha to resuscitate the Joint Comprehensive Plan of Action (JCPOA) deal between Iran and the United States ended without any positive result. Apparently losing hope of normalizing its ties with the Western bloc, Iran could be exploring alternate options to survive economically under the current US sanctions.  

Since joining the Shanghai Cooperation Organization (SCO) last year, this participation in BRICS is Iran’s second step toward the East. Feng Xingke, secretary-general of the World Financial Forum and director of the Center for BRICS and Global Governance, told the Global Times that including Iran in BRICS will mean closer and more effective channels between resources and markets, which will benefit all members.