Introduction

By January 1, 2024, Iran is expected to become a full member of BRICS. Iran responded to the invitation to join the BRICS group with great enthusiasm. Iranian officials consider this a “strategic achievement for Iranian foreign policy.”

BRICS is often seen as a counter to Western-dominated organisations. Though the bloc has significant potential, much of it has remained unfulfilled to internal tensions. The nations of BRICS house around 42% of the global population, amassing a combined GDP share of 32.1%, greater that of the G7 alliance. Notably, the founders include three nuclear powers- India, Russia, and China.  [source] 

Iran joining BRICS will have numerous consequences to global economic, political, and energy cooperation…

Key Judgement 1. It is likely that Iran’s membership in BRICS will influence the de-dollarisation movement in the global economy in the next 12 months.

Key Judgement 2.  BRICS membership has been well sought-after by Iran. Thus, in the next 12 months, it is unlikely that Iran will require much deliberation before accepting the invitation.

Key Judgement 3. It is likely that the inclusion of Iran and Saudi Arabia in BRICS will contribute to the gradual reconciliation process between the two countries in the next 12 months.