Iraq Confirms Interest in Joining BRICS: Wants Trade in IQD and Russian Ruble

On February 4, 2024

By Awake-In-3D

In RV/GCR

In a significant diplomatic gesture, Iraq has officially expressed its eagerness to become a part of the BRICS consortium, marking a pivotal moment in its foreign policy and economic strategy.

Prime Minister Mohammed Shia Al-Sudani, during last October’s engagement with the Iraqi diaspora in Russia, voiced the nation’s readiness to join the influential group, contingent upon an invitation from its founding members.

A Strategic Discussion Amidst Economic Reforms

The revelation came amidst Al-Sudani’s discussions on various economic reforms and bilateral relations during his meeting with Russian President Vladimir Putin.

A notable point of discussion was the potential use of the Iraqi dinar and the Russian ruble in bilateral trade, hinting at Iraq’s intent to diversify its economic partnerships and reduce dependency on traditional trade currencies.

Emphasis on Economic and Administrative Reforms

Al-Sudani underscored the Iraqi government’s commitment to significant economic and administrative reforms aimed at enhancing the living standards of its citizens.

The move towards joining BRICS is seen as part of a broader strategy to integrate Iraq more fully into the global economy through diversified alliances and economic partnerships.

Deepening Iraqi-Russian Relations

The discussions also touched on geopolitical issues, with Al-Sudani commending Russia’s stance on the Palestinian conflict and emphasizing the humanitarian concerns at its core.

Moreover, the Iraqi Prime Minister disclosed plans to establish an Iraqi cultural center in Moscow, symbolizing a deepening of the historical ties between Iraq and Russia.

BRICS: A Gateway to Emerging Economies

Joining BRICS, a coalition of Brazil, Russia, India, China, and South Africa, represents a strategic move for Iraq to align itself with some of the world’s fastest-growing economies.

This association could provide Iraq with a platform to boost its economic profile, attract investments, and play a more influential role in global economic discussions.

Discover More:

The Rising Energy, Gold and Trade Power of the BRICS Alliance

Iraq’s expression of interest in joining BRICS underscores its ambition to pursue a multi-faceted foreign policy and economic strategy.

By strengthening ties with Russia and signaling openness to join economic groups like BRICS, Iraq aims to position itself as a key player in regional and global economic landscapes, fostering growth, stability, and prosperity for its people.

Supporting article: https://www.iraqinews.com/iraq/iraq-expresses-interest-in-joining-brics/

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