Iran and Argentina apply to join BRICS - Summit Update!

30 Jun 2022

Iran and Argentina apply to join BRICS – Summit Update!

Iran and Argentina apply to join BRICS – Summit Update!XIV BRICS Summit had Iran and Argentina show interest to join the alliance. BRICS is made up of Brazil, Russia, India, China, and South Africa.
The XIV BRICS summit was hosted by China through a video conference. The XV BRICS summit will be held in South Africa next year.
Key takeaways from the XIV BRICS summit!
Iran and Argentina

The leaders agreed to keep talking about the possibility of adding new countries to the group based on "full consultation and consensus."  As per reports both Iran and Argentina have sent in their applications.
Experts feel this could help to increase peaceful power and stabilise the international order.

COVID

The BRICS countries are willing to work together to deal with the challenges after the coronavirus pandemic.
The leaders of the BRICS countries are willing to work with China on COVID research, vaccines, and other related issues.
The President of South Africa said he wanted vaccines to be more available to everyone. He asked that vaccines be bought from manufacturers in developing economies, like those in Africa, by developed countries and other groups with an interest.

Russia-Ukraine

During his first meeting with the leaders of major economies since Russia invaded Ukraine, Vladimir Putin, the President of Russia, said that working together is the only way to solve problems, even wars.
Russia and Ukraine were requested to talk talks, and the United Nations (UN) was asked to help people in Ukraine and the areas around it more.

BRICS Plus and BRICS Bank

The BRICS countries agreed to work toward adding more countries to the group, which they called "BRICS Plus."
The BRICS Bank, which is a New Development Bank, began with $50 billion in the capital.
A Contingent Reserve Arrangement was also set up to help member countries whose currencies are very affected by changes in the world economy.
During the summit, President Putin talked about a new reserve currency that is based on a basket of goods. This currency is being made to compete with the system based on the dollar.

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XIV BRICS Summit had Iran and Argentina show interest to join the alliance. BRICS is made up of Brazil, Russia, India, China, and South Africa. […]

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