70% of Iraq’s imports come from BRICS countries
The flags of member countries in the BRICS group. Photo: AFP
Baghdad (IraqiNews.com) – The financial advisor to the Iraqi Prime Minister, Mazhar Salih, highlighted the importance of joining the BRICS group.
In a statement to the Iraqi News Agency (INA), Salih explained that nearly 70 percent of Iraq’s imports come from BRICS countries.
The Iraqi financial advisor indicated that Iraq’s commercial partnerships and economic interests are moving towards international economic cooperation with Iraq’s trading partners.
Salih illustrated that Iraq revealed its desire to join the BRICS group as the Iraqi economy is linked to the markets of the BRICS group.
The Iraqi official clarified that countries in the BRICS group rely heavily on a significant percentage of Iraq’s oil exports, which are no less than 55 percent, especially India and China.
Salih stated that the BRICS group represents 42 percent of the world’s population.
The Head of Global Economics, Commodities and Strategy Research for Goldman Sachs, Jim O’Neill, conducted a research study in 2001 highlighting the economic potential of Brazil, Russia, India, and China, introducing the BRIC abbreviation, which at first did not include South Africa.
All the BRICS countries are part of the Group of 20 (G20) of major economies.
Many countries see that BRICS is a platform to contest a world order dominated by the United States and its Western allies and expect that joining the group will provide them with great benefits such as development finance and increased trade and investment.