China Supports Iran’s Entry Into the BRICS Alliance
The Chinese ambassador to Iran, Chang Hua, said that China supports Iran’s entry into the BRICS bloc. Iran has expressed its interest to join the BRICS alliance and accept the new currency for cross-border transactions. The next BRICS summit will be held in South Africa in August and the bloc will decide the expansion by inducting new countries into the group. Iran aims to enter BRICS and trade in the soon-to-be-released currency and end reliance on the U.S. dollar. Also Read: BRICS : India To Settle Trade With UAE Using Rupee, Ditches U.S. Dollar The U.S. has imposed several sanctions on Iran for sponsoring terrorism-related activities around the world. Therefore, Iran ’s economy is struggling to cope with the sanctions and it is looking at alternative ways to revive its GDP. China maintains positive relations with Iran by allowing the country to bypass sanctions and settle transactions in the Chinese Yuan. The Communist country is convincing developed natio...