ran, 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.
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The term BRIC was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the startling rise of Brazil, Russia, India and China. The BRIC powers had their first summit in 2009 in Russia. South Africa joined in 2010.
Iranian membership in BRICS "would result in added values for both sides", Tehran's Foreign Ministry spokesperson said. Russia said Argentina had also applied to join.
