President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Hossein Selahvarzi has urged Iran to prioritize joining the New Development Bank (NDB) over its bid for membership in BRICS group of developing countries.
In a letter to President Ebrahiam Raisi, Selahvarzi called on the president to seek support of China and South Africa for joining NDB.
Membership in BRICS is a complicated process that requires consensus, the president of Iran Chamber of Commerce said, adding that the objective benefits of being a member of this group are mainly manifested in the use of financial resources of the "New Development Bank".
The headquarters of the New Development Bank (NDB) in Shanghai
Referring to a recent report by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Selahvarzi said that it will be mainly prestigious for Iran to win BRICS membership by a foreseeable future, while joining the NDB, with its non-dollar financial system, provides Iran with the potential of benefiting from the financial resources in the midterm.
He added that the NDB is not bound to complying with the US sanctions making it more urgent for Iran, already under the US unilateral sanctions, to seek joining the bank.
Noting that the UAE is already an NDB member and the neighboring Saudi Arabia is also seeking membership in the bank, Selahvarzi said that as NDB considers regional balance in admitting new members, any hesitation in starting the process of joining the bank would weaken Iran’s position in negotiations.