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Calling for change

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The recent historic telephone call between the presidents of the USA and Iran the other week represents a huge step forward for both countries and the wider international community. This first contact between the two nations’ presidents for decades was a forceful step away from the ‘Great Satan’ vs. ‘Axis of Evil’ rhetoric that has dogged diplomatic relations. There are reasons to be optimistic over this symbolic phone call – a call for change, if you will.

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Move over BRICS, the “Next Eleven” has emerged

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Twelve years after being named the next global economic powerhouses, the Brazilian, Russian, Indian, Chinese and South African governments, also known as the BRICS economies, have decided to embrace a de facto union, and had numerous economic meetings between the countries’ leaders. The group demands international attention. Brazil can offer the world enormous amounts of agricultural goods, China is the world’s second largest economy with a massive cheap labour force, India offers itself as a source of inexpensive intellectual resources, and Russia is now the world’s largest mineral exporter. The group are now considering making a formal alliance, following a meeting of all five countries in Durban.[1] Such a move would most likely create one of the world’s most powerful unions of the twenty-first century, and surely the most diverse we have seen thus far.

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Look East: The Weight of Oil Sanctions on Iran’s budget

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20%. That’s the proportion of Iran’s oil exports to the European Union.

Iran's flags

If you’ve been hiding under a rock for the last 6 years, then you would probably not understand the extreme tension that surrounds Iran’s nuclear program. There is the media, different governments’ interests in play, different companies’, and various groups of influence acting. Behind that thick wall of smoke lies the effects the issue has on the Iranian economy.

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