BRICS 2024
By Staff Writer, Halal Incorp
On Tuesday, Saudi state TV announced the official inclusion of Saudi Arabia into the BRICS bloc of nations.
Back in August, the country’s foreign minister stated that a thorough examination of the details would precede the decision on joining by the proposed date of January 1.
Prince Faisal bin Farhan stated the BRICS entity’s importance as an important mechanism for building economic collaboration.
BRICS 2024
Originally comprised of Brazil, Russia, India, China, and South Africa, the BRICS bloc is set to double in size with the addition of Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia as new members.
Saudi Arabia’s entrance into the group occurs against the backdrop of geopolitical tensions between the U.S. and China, as well as the expanding influence of China within the kingdom.
BRICS 2024
Despite maintaining strong ties with the U.S., Saudi Arabia has been increasingly charting its own course due to concerns that Washington may be less committed to the security of the Gulf region.
China, being Saudi Arabia’s largest oil customer, has advocated for the BRICS expansion as a counterweight to Western influence.
This enlargement has the potential to reinforce the group’s aspiration to champion the Global South, although Argentina signalled in November that it would decline an invitation to join.
What is BRICS?
BRICS is an acronym that relates to multiple major emerging economies: Brazil, Russia, India, China, and South Africa.
These countries are known for their significant influence on regional and global affairs due to their large populations, rapidly growing economies, and increasing geopolitical importance.
The BRICS nations collaborate on various political, economic, and strategic issues to enhance their collective impact and promote their interests on the global stage.
Fourteen years ago BRICS did not have the ‘S’ in the acronym. In 2010 South Africa joined and subsequently the entity became known as BRICS.
The member countries hold annual summits to discuss and coordinate their positions on matters such as economic development, international trade, and political cooperation.
The primary objectives of BRICS include promoting economic growth, social progress, and cooperation on key global issues.
While the member countries share common interests, they also have diverse political systems, economic structures, and cultural backgrounds.
The BRICS platform provides a forum for dialogue and collaboration, allowing these nations to address common challenges and explore opportunities for mutual benefit.
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