IRAQ BRICS

Iraq is increasingly setting its sights on joining the BRICS economic bloc, a move driven by a desire for greater economic diversification and a more influential role on the global stage. 2025 has seen the announcement of a spate of invitations for potential accessions to BRICS an emerging economic and geopolitical bloc currently comprising Brazil, Russia, India, China, and South Africa. On the heels of this, a number of other countries are also looking to join. Iraq is among them.The potential accession to BRICS, currently comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia, represents a significant strategic shift for Iraq, especially given its historical dependence on the United States. Iraq will have to work to strengthen the roles and their integration with the candidate countries in entering the BRICS group from the geographical neighbors of Iraq, as the integration in the roles will give Iraq a leading role from the point of view of the BRICS countries.This ambition comes at a time when the BRICS nations are actively seeking to expand their membership, offering Iraq an opportunity to align itself with a powerful coalition of emerging economies. Iraq faces many obstacles that hinder its opportunity to join the BRICS group, despite the availability of most of the conditions that require joining this group, which constitutes a competitive pole for the United States of America, according to economic experts who spoke to (Al-Mada).Prime Minister Al Sudani has already expressed Iraq's readiness to join BRICS if invited, signaling a strong commitment from the Iraqi government.This pursuit is, however, not without its challenges. Iraq's growing interest in BRICS. Ambassador Kutrashev revealed that Iraq is increasingly looking toward BRICS, the economic bloc comprised of Brazil, Russia, India, China and South Africa, where Russia plays a key role.Iraq faces several obstacles that could hinder its path to membership, demanding careful planning and execution.The decision to ban cash withdrawals in US dollars further underscores Iraq's intent to reshape its financial landscape and potentially align more closely with the economic policies of the BRICS nations.This article will delve into Iraq's growing interest in BRICS, the potential benefits and challenges, and what it means for the future of Iraq's economic and geopolitical standing.

Why is Iraq Interested in Joining BRICS?The Drivers Behind the Decision

Iraq's interest in joining BRICS is multifaceted, driven by a combination of economic, political, and strategic factors.The country sees BRICS as a potential pathway to greater economic independence, reduced reliance on the US dollar, and enhanced global influence. BRICS is an intergovernmental organization comprising ten countries Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.Here's a closer look at the key drivers:

• Economic Diversification: Iraq's economy is heavily reliant on oil exports.Joining BRICS would provide access to new markets and investment opportunities, helping to diversify the economy and reduce its vulnerability to fluctuations in global oil prices.
• Reduced Reliance on the US Dollar: The ban on cash withdrawals in US dollars demonstrates Iraq's desire to move away from dollar dependence. BRICS promotes trade in local currencies, offering a viable alternative to the dollar-dominated international financial system.
• Geopolitical Alignment: BRICS offers a platform for countries to voice their concerns and interests outside of the traditional Western-dominated institutions.Joining BRICS would allow Iraq to align itself with other emerging economies and exert greater influence on global affairs.
• Access to Investment and Development: BRICS nations, particularly China and Russia, are major investors in infrastructure and development projects. Brics countries include major world powers, such as China and Russia, and countries which are influential on their continent, such as South Africa and Brazil. The expanded group has a combinedMembership would provide Iraq with access to crucial funding and expertise for its reconstruction and development efforts.
• Enhanced Regional Influence: As Iraq integrates with neighboring countries seeking BRICS membership, it can establish a prominent leadership position and consolidate its influence within the BRICS framework.

The Potential Benefits of BRICS Membership for Iraq

Joining BRICS could bring significant benefits to Iraq across various sectors.Here are some of the most promising advantages:

• Increased Trade Opportunities: BRICS represents a vast market with a combined population of billions.Membership would grant Iraq preferential access to these markets, boosting its exports and trade volume.
• Investment Inflows: BRICS nations are actively seeking investment opportunities in developing countries. Iraq's Prime Minister Al Sudani said Iraq is ready to join BRICS if invited by the founding countries. The move comes after Iraq announced a ban on all cash withdrawals in the US dollar from, to control the black market exchange rate.Iraq could attract significant foreign investment in its infrastructure, energy, and manufacturing sectors.
• Technological Transfer: BRICS countries, particularly China and India, are technological powerhouses.Iraq could benefit from the transfer of technology and expertise in areas such as renewable energy, digital technology, and sustainable agriculture.
• Infrastructure Development: BRICS' New Development Bank (NDB) provides funding for infrastructure projects in member countries.Iraq could access NDB financing to build roads, ports, power plants, and other essential infrastructure.
• Financial Stability: BRICS is exploring alternatives to the dollar-dominated financial system, such as a common currency or a payment system based on national currencies.This could help Iraq reduce its vulnerability to fluctuations in the dollar's value and enhance its financial stability.

Example:

Imagine Iraq securing funding from the NDB to modernize its dilapidated power grid.This would not only improve electricity access for its citizens but also create jobs and stimulate economic growth.Similarly, access to Chinese technology could help Iraq develop its renewable energy sector, reducing its dependence on fossil fuels and contributing to a cleaner environment.

The Challenges and Obstacles Facing Iraq's BRICS Bid

While the potential benefits of joining BRICS are substantial, Iraq faces several challenges that could hinder its application.These challenges include economic vulnerabilities, political instability, and geopolitical considerations.Here's a breakdown of the key obstacles:

• Economic Instability: Iraq's economy is still recovering from decades of conflict and sanctions.High levels of corruption, unemployment, and inflation pose significant challenges to its economic stability.
• Political Instability: The ongoing political tensions and security concerns in Iraq could deter potential investors and complicate its efforts to integrate into the BRICS framework.
• Infrastructure Deficiencies: Iraq's infrastructure is in dire need of repair and modernization.This lack of adequate infrastructure could hamper its ability to fully benefit from the trade and investment opportunities offered by BRICS.
• US Influence: The United States has historically been a major political and economic partner of Iraq.Joining BRICS could strain its relationship with the US and potentially lead to economic sanctions or other forms of pressure.
• Meeting BRICS Membership Criteria: BRICS has specific criteria for membership, including economic size, political stability, and commitment to multilateralism.Iraq will need to demonstrate that it meets these criteria to be considered for membership.

Actionable Advice:

To overcome these challenges, Iraq needs to implement comprehensive economic reforms, improve its political stability, and strengthen its infrastructure.This includes:

1. Combating corruption and promoting transparency in government.
2. Investing in education and job training to reduce unemployment.
3. Improving security and stability to attract foreign investment.
4. Diversifying its economy and reducing its dependence on oil.
5. Strengthening its diplomatic ties with BRICS nations.

Iraq's Ban on US Dollar Withdrawals: A Sign of Alignment with BRICS?

Iraq's recent decision to ban cash withdrawals in US dollars is a significant move that suggests a growing alignment with the economic policies of BRICS nations.This decision is primarily aimed at controlling the black market exchange rate and reducing the country's dependence on the US dollar.However, it also reflects a broader trend among BRICS members to promote trade in local currencies and reduce their reliance on the dollar-dominated international financial system.

By restricting access to US dollars, Iraq is signaling its intention to:

• Encourage the use of the Iraqi dinar in domestic transactions.
• Reduce the demand for US dollars on the black market.
• Promote trade with countries that are willing to accept the Iraqi dinar.

This move could potentially pave the way for greater economic integration with BRICS nations, which are actively seeking to reduce their dependence on the US dollar.However, it also carries risks, such as:

• Disrupting trade and investment flows.
• Fueling inflation and economic instability.
• Alienating the US and other Western countries.

How Iraq Can Strengthen its Position for BRICS Membership

Iraq needs to take proactive steps to strengthen its position for BRICS membership.This includes:

• Strengthening Economic Ties with BRICS Nations: Iraq should prioritize expanding trade and investment with BRICS countries.This could involve signing bilateral trade agreements, establishing joint ventures, and promoting cultural exchanges.
• Investing in Infrastructure Development: Iraq needs to invest heavily in upgrading its infrastructure, particularly in transportation, energy, and telecommunications.This will make it a more attractive destination for BRICS investment and facilitate trade.
• Promoting Political Stability: Iraq needs to address its internal political divisions and security challenges.A stable and secure environment is essential for attracting foreign investment and fostering economic growth.
• Implementing Economic Reforms: Iraq needs to implement comprehensive economic reforms to reduce corruption, improve governance, and create a more business-friendly environment.
• Engaging in Diplomatic Outreach: Iraq needs to actively engage with BRICS member states to build support for its membership application.This could involve high-level visits, participation in BRICS forums, and public diplomacy campaigns.

The Geopolitical Implications of Iraq Joining BRICS

Iraq's potential membership in BRICS has significant geopolitical implications, both for the region and the world.It represents a potential shift in the balance of power, with Iraq aligning itself with a bloc of emerging economies that are challenging the dominance of the United States and other Western powers.

Here are some of the key geopolitical implications:

• Reduced US Influence: Iraq's membership in BRICS could reduce US influence in the Middle East, as it would give Iraq an alternative source of economic and political support.
• Strengthened BRICS' Position: Iraq's membership would strengthen BRICS' position as a leading voice for developing countries and a counterweight to Western dominance.
• Increased Regional Cooperation: Iraq's membership in BRICS could foster greater regional cooperation among Middle Eastern countries, particularly those that are also seeking to join the bloc.
• Potential for Conflict: The US and other Western powers may view Iraq's membership in BRICS as a threat to their interests and could take steps to undermine it.This could lead to increased tensions and potentially even conflict.

Expert Opinions on Iraq's BRICS Aspirations

Economic experts have varying opinions on Iraq's aspirations to join BRICS.Some believe that it could be a game-changer for Iraq's economy, providing access to new markets, investment, and technology.Others are more cautious, pointing to the challenges that Iraq faces in terms of economic instability, political instability, and infrastructure deficiencies.

One economic expert, speaking to (Al-Mada), noted that Iraq faces many obstacles that hinder its opportunity to join the BRICS group, despite the availability of most of the conditions that require joining this group, which constitutes a competitive pole for the United States of America.

Overall, the consensus is that Iraq's BRICS ambitions are ambitious but achievable.However, it will require a concerted effort from the Iraqi government to address the challenges and capitalize on the opportunities.

Common Questions About Iraq and BRICS

Will Iraq be invited to join BRICS?

The answer to this is complex.Iraq has expressed interest, and some factors favor its inclusion, such as its strategic location and desire to diversify its economy.However, the decision ultimately rests with the existing BRICS members, who will assess Iraq's economic stability, political alignment, and commitment to BRICS principles.Successful navigation of economic reforms and demonstrating commitment to multi-lateralism will enhance its chances.

What are the criteria for joining BRICS?

While there isn't a formally published list of criteria, generally BRICS members look for: Significant economic size and growth potential, political stability, a strategic geopolitical position, and a demonstrated commitment to multilateralism and the BRICS agenda of a multipolar world.

How will BRICS membership affect Iraq's relationship with the United States?

This is a key concern.Joining BRICS could strain relations with the US, particularly if the US perceives it as a move away from its sphere of influence.Iraq will need to carefully manage its relationship with both BRICS and the US, balancing its desire for economic diversification with its existing security and economic ties.

Conclusion: Iraq's BRICS Journey – A Path to Economic Independence and Global Influence

Iraq's pursuit of BRICS membership represents a strategic gamble aimed at achieving greater economic independence and a more influential role on the global stage.While the path to membership is fraught with challenges, the potential rewards are substantial.Increased trade opportunities, access to investment and technology, and enhanced regional influence are just some of the benefits that Iraq could reap from joining the BRICS bloc.

To succeed in its BRICS ambitions, Iraq must address its economic vulnerabilities, strengthen its political stability, and invest in its infrastructure.It must also carefully manage its relationship with the United States and other Western powers, ensuring that its pursuit of BRICS membership does not come at the cost of its existing alliances.

Ultimately, Iraq's decision to join BRICS is a reflection of its desire to chart its own course and shape its own destiny in a rapidly changing world.Whether it succeeds in this endeavor remains to be seen, but its BRICS ambitions signal a significant shift in Iraq's economic and geopolitical orientation.

Key Takeaways:

• Iraq is actively seeking BRICS membership to diversify its economy and enhance its global influence.
• Potential benefits include increased trade, investment, and access to technology.
• Challenges include economic and political instability, infrastructure deficiencies, and potential strain on relations with the US.
• Iraq needs to implement comprehensive reforms and strengthen ties with BRICS nations to improve its chances of membership.

Call to Action: Follow the developments of Iraq's BRICS application and stay informed about the changing dynamics of global economics.Share this article to spread awareness of Iraq's strategic shift.