In June 2022, which of the following countries submitted an application to become a member of the group BRIC?

Correct option is D

Iran submitted its application to join BRICS in June 2022. BRICS is an acronym for an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa, initially formed to strengthen economic cooperation and geopolitical influence among emerging markets. Iran's inclusion reflects BRICS' broader intent to enhance its global role by expanding membership.

The 2024 BRICS Summit in Russia marked the participation of new member states, including Iran, Egypt, Ethiopia, and the UAE, underlining the bloc's growing influence.

BRICS aims to establish an alternative economic and political framework distinct from Western-dominated platforms like the G7. Key initiatives include the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA).

Information Booster:

1. Iran's Economic Significance: With vast oil and gas reserves, Iran’s inclusion strengthens BRICS' resource base.
2. BRICS Founding Members: Brazil, Russia, India, and China (initially named BRIC); South Africa joined in 2010.
3. Strategic Goals: Foster South-South cooperation, reform global financial systems, and enhance multilateral trade.
4. Key Projects: New Development Bank, BRICS Pay, BRICS basket reserve currency.
5. Geopolitical Role: Provides a counterbalance to Western economic institutions.
6. Challenges: Diverging national interests among member countries.

Additional Knowledge:

• Brazil: A leading exporter of soybeans and iron ore.
• Russia: Energy powerhouse with vast natural gas reserves.
• India: Known for its IT sector and demographic dividend.
• China: Largest economy in BRICS, pivotal in global supply chains.
• South Africa: Gateway to African markets, rich in minerals like gold and platinum.

Key Points:

• Iran’s inclusion showcases BRICS’ commitment to multipolarity.
• Initiatives like the BRICS Joint Statistical Publication aim to enhance transparency.
• The BRICS+ format reflects adaptability and growing global engagement.