Expert: Iran’s BRICS membership significant, end of FATF tensions a must

“The BRICS group is one of the most effective new regional mechanisms in today’s world, and membership in the bloc can be regarded as an important achievement provided that the country taps into the group’s potential,” said Heshmatollah Fallhatpishe, a former MP, as he elaborated on the economic impacts of Iran’s membership in the bloc.

“BRICS seeks to reduce the power of the US dollar and the Euro and somehow circumvent past mechanisms, and these moves will provide Iran with new opportunities,” he noted.

“But as long as Iran’s tensions persist and this country remains on the Financial Action Task Force (FATF) list, BRICS member states have an excuse in order not to cooperate with Iran,” he explained.

“BRICS is not expected to cooperate in countering sanctions because it is mentioned in Iran’s initial BRICS membership bids that the bloc tries to expand relations and wants Iran to remove challenges in the international domain,” he added.

BRICS is comprised of the world’s emerging economies of Brazil, Russia, India, China and South Africa.

Iran was invited to join the group during its summit in South Africa on Thursday.