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