BRICS Alliance Grows: Saudi Arabia, UAE, and Iran Among New Invitees

The BRICS group, which comprises Brazil, Russia, India, China, and South Africa, is undergoing a noteworthy expansion after more than ten years. This expansion involves inviting new members to join its ranks, including Saudi Arabia, the United Arab Emirates, Iran, Egypt, Ethiopia, and Argentina.

This move is scheduled to take effect from January 1, 2024. The expansion has garnered approval from the current leaders of BRICS, such as Russian President Vladimir Putin and Chinese President Xi Jinping. They view this development as a historic stride aimed at bolstering collaboration and mutual support among developing nations.

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From Oil to Economics: Saudi Arabia and China’s BRICS Entry Sparks De-dollarization Talks

 

The addition of Saudi Arabia, a prominent global oil exporter, into the group alongside China, which stands as the world’s largest oil importer, raises intricate economic and geopolitical inquiries.

The synergy of these two major players in the oil industry within a single consortium is striking. Additionally, this expansion has ignited conversations about the potential prospects of de-dollarization, a process wherein member nations transition away from the US dollar for trade purposes.

There is also talk of the potential creation of a shared currency within the BRICS bloc. It’s noteworthy that these notions present complex challenges and opportunities.

One point of concern is the potential shift in the group’s stance towards Western nations due to the inclusion of countries like Iran, which have experienced strained relations with the West. This inclusion raises the question of whether BRICS might adopt a more adversarial stance in its interactions with Western powers.

Experts are debating the implications of this shift and the potential impact it could have on global dynamics.

Despite the diverse array of political and economic systems present among its member countries, the BRICS group has maintained its momentum since its establishment in 2009. This recent expansion signifies a substantial leap in its evolution, showcasing the bloc’s determination to adapt and expand its influence on the global stage.

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Source: CNN