Iran backs Venezuela's bid for BRICS membership

Iranian President Masoud Pezeshkian has expressed support for Venezuela's accession to the BRICS group as he met with Venezuelan Minister for Transport Ramón Velásquez in Tehran.

Pezeshkian's press office said that he reaffirmed Iran's commitment to enhancing ties with Venezuela and endorsed its membership in the influential economic bloc, Caliber.Az reports via Russian media.

Velásquez extended an invitation to Pezeshkian to attend the inauguration of Venezuelan President Nicolas Maduro, who secured victory in the recent July 28 election.

In 2006, Brazil, Russia, India and China created the "BRIC" group. South Africa joined in 2010, making it "BRICS".

The group was designed to bring together the world's most important developing countries, to challenge the political and economic power of the wealthier nations of North America and Western Europe.

Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) were invited to become members with effect from 1 January 2024.

A Saudi Arabian government minister said in mid January it had not joined.

But South Africa's government since confirmed its membership status.

The group sets priorities and makes decisions at an annual summit. Members take it in turns to serve as president for a year.

The name for the expanded group has not yet been announced, but may be "BRICS+".