Are we missing something? 70% of Iraq's imports are with the BRICS countries
Read this article all the way through to understand the bottom line. This article is based on one article published on an Iraqi News Blog. The article was translated into English. While Gaza is on the front page, this is what the channel found on the back pages.
Mazhar Mohammed Saleh, the financial advisor to the prime minister, revealed on Sunday, October 15, 2023, that 70% of Iraq's imports come from the "BRICS" countries.
As Saleh told the official news agency, the BRICS group includes Brazil, Russia, India, China, and South Africa, the origin of which was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe fast-growing economies that are predicted to dominate the global economy by 2050.
Additionally, he noted that Iraq has expressed interest in becoming a member of the BRICS group. This is due to the strong economic ties between Iraq and the markets of these emerging countries. The current account of Iraq's balance of payments is reflective of this relationship, particularly with export-dependent nations such as India and China, which make up over 55 percent of Iraq's oil exports.
He says approximately 70 percent of Iraq's imports come from BRICS countries. This strong trade partnership automatically leads to international economic cooperation with our partners, particularly in terms of expanding investment opportunities and gaining benefits for our economy's future development and growth.
He further stated that the "BRICS" group covers approximately 27 percent of the world's land and is home to 42 percent of the global population. Brazil, Russia, India, and China are among the top ten countries in terms of population, area, and GDP (measured by purchasing power parity). Additionally, India, China, and Russia have the potential to become new superpowers.
In a statement earlier this week, Iraq's Prime Minister Mohammed Shia al-Sudani confirmed the country is ready to join the BRICS group if it is invited by the founding nations. The blog cannot confirm the Prime Minister's comment.
