The government of Iran has formally applied to become a member of BRICS, an international group of emerging economies. Goldman Sachs analyst Jim O’Neill coined the acronym in 2001, which stands for Brazil, Russia, India, China, and South Africa.

“BRICS countries have played a vital role in practicing true multilateralism and promoting unity and strength among developing countries,” a statement from the Iranian Embassy wrote. “Iran stands ready to offer all its resources and advantages, including energy reserves, human resources and scientific achievements, to help the BRICS countries achieve their goals.”

In a separate announcement, Russian Foreign Ministry Spokeswoman Maria Zakharova said that Argentina had followed suit, also sending an application to join the group of nations.

While attending a forum at last week’s BRICS summit, both Iranian President Ebrahim Raisi and Argentinian President Alberto Fernandez expressed their desire and readiness to become full members of the organization.