New Delhi: Iran and Argentina have applied to join the BRICS grouping, that account for more than 40 per cent of the world's population and about 26 per cent of the global economy, media reports said.

An Iranian official said on Monday said that country has submitted an application to become a member of the group of emerging economies known as the BRICS, Al Jazeera reported.

Iran's Foreign Ministry spokesperson said the country's membership in the BRICS group "would result in added values for both sides."

Besides Iran, Argentina is also keen on joining BRICS. Notably, Argentina's President Alberto Fernandez in recent days reiterated his desire for Buenos Aires to join BRICS.

On Monday, Russian Presidential Aide Yury Ushakov told a press briefing that Moscow favours the enlargement of the BRICS association but suggests defining procedures and criteria for future candidates first.

"In principle, we look positively at the issue of the association's potential enlargement, although we understand that it is necessary to approach this issue very carefully," Ushakov was quoted as saying by TASS news agency.

"What do we propose? First of all, we propose defining the procedures and requirements for potential candidates for joining BRICS," the Kremlin aide said.

On 23-24, the leaders of Brazil, Russia, India, China and South Africa held the XIV BRICS Summit under the theme "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development" on June 23-24.

They recalled that in the past 16 years, BRICS countries have strengthened mutual trust, deepened intra-BRICS mutually beneficial cooperation, and closer people-to-people exchanges, which has led to a series of significant outcomes.

Iran's President Ebrahim Raisi was also invited by Chinese President Xi Jinping.

At the event, he elaborated on his country's viewpoints on the important international issues and the expansion of cooperation with other countries.