(Reuters) - Iran, which holds the world's second largest gas reserves, has applied to join the BRICS group of Brazil, Russia, India, China and South Africa that Beijing and Moscow cast as a powerful emerging market alternative to the West.
The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the startling rise of Brazil, Russia, India, China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.
Iran's membership in the BRICS group "would result in added values for both sides", Iran's Foreign Ministry spokesperson said. Russia said Argentina had also applied to join.
Russia cast the applications as evidence that the West, led by the United States, was failing to isolate Moscow after the invasion of Ukraine.
"While the White House was thinking about what else to turn off in the world, ban or spoil, Argentina and Iran applied to join the BRICS," Russian Foreign Ministry spokeswoman Maria Zakharova said.
Argentine officials could not be reached for immediate comment but President Alberto Fernandez, currently in Europe, has in recent days reiterated his desire for Argentina to join BRICS.
China has by far the largest economy in the BRICS grouping, accounting for more than 70% of the group's collective $27.5 trillion economic might. India accounts for about 13%, with Russia and Brazil each accounting for about 7%, according to IMF data.
BRICS account for more than 40% of the world's population and about 26% of the global economy.
Since the Iranian Revolution of 1979 swept U.S.-backed Shah Mohammad Reza Pahlavi from power, Iran has been ostracised by the West and its economy crippled by a myriad of sanctions. It hold's around a quarter of the Middle East's oil reserves.