Saudi Arabia Joins BRICS in Historic Move
The BRICS economic community, which consists of Brazil, Russia, India, China, and the Republic of South Africa, has welcomed two new members in the past few days. Iran officially joined the community yesterday, and today, Saudi Arabia has also joined the community.
According to Saudi state television, the country has officially joined the BRICS bloc of countries. The Saudi Arabian Foreign Minister, Prince Saud Al Faisal, made a statement at the BRICS Summit held in 2023, indicating that the kingdom would examine the details and make the appropriate decision before the proposed January 1 accession date. Prince Faisal bin Farhan had previously stated that the BRICS group was a “useful and important channel” to strengthen economic cooperation.
It’s worth noting that BRICS had accepted membership applications from several other countries, including Saudi Arabia, Argentina, United Arab Emirates, Ethiopia, Iran, and Egypt. Saudi Arabia’s accession comes at a time when geopolitical tensions between the United States and China are increasing and China’s influence within the country is on the rise.
For those unfamiliar with BRICS, the economic community was formed to challenge the West’s dominance of the global financial system. The abbreviation “BRIC” was coined by economist Jim O’Neill in 2001, which stands for Brazil, Russia, India, and China. South Africa joined in 2010, effectively changing the acronym to BRICS. O’Neill’s prediction was that these countries would become some of the largest economies in the world by 2050.
With new members joining and the ongoing shifts in global geopolitics, the influence of BRICS is likely to continue growing in the coming years.
