Iraq Eyes BRICS Membership: A New Dawn for its Economy?
Has Iraq set its sights on joining the BRICS alliance? Recent developments suggest Iraq's Prime Minister Mohammed Shia Al Sudani has informally expressed interest in becoming a member, signaling a potential shift in the country's economic and geopolitical strategy. This news follows a week after significant developments, fueling speculation about Iraq's increasing desire to align itself with emerging multilateral groupings.
What Benefits Could BRICS Membership Offer Iraq?
Joining an emerging multilateral grouping would offer Iraq a range of benefits and present opportunities for both Baghdad and BRICS nations. The potential for strengthened economic ties and access to new markets are undoubtedly attractive. Iraq expresses interest in joining the BRICS alliance and being a part of the global de-dollarization process, aiming to reduce reliance on the US dollar in international trade. The country hopes to leverage the economic strength of the BRICS nations to boost its own economy.
Specifically, Iraq’s ambition includes the possibility of increased cooperation in critical sectors. It would be in Iraq’s interest to discuss with the BRICS parties issues related to energy and export policies, and petrochemical industries intended for export outside OPEC. This would allow Iraq to diversify its economy and secure more favorable trade agreements.
Skepticism Remains: Challenges and Realities
Despite the allure of BRICS membership, skepticism persists in Iraq regarding the feasibility of joining anytime soon. Critics cite Iraq’s financial situation as a major obstacle, questioning the country's ability to meet the economic requirements and obligations of BRICS membership. Reaching the goals outlined around 20 Sept. de 2025 requires financial strength, stability, and structural reforms.
De-Dollarization and Iraq's Economic Future
A key driver behind Iraq's interest is the BRICS' push for de-dollarization. By joining the alliance, Iraq hopes to reduce its dependence on the US dollar and promote the use of local currencies in trade. This move could potentially shield Iraq's economy from fluctuations in the dollar's value and foster greater financial independence.
The path to BRICS membership is not without its challenges, but the potential rewards for Iraq's economic future are significant. The coming months will be crucial in determining whether Iraq can overcome the obstacles and realize its ambition of joining this influential alliance.