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Algeria officially asks to be a part of the BRICS

TL;DR

  • Algeria has officially applied to join the BRICS, a coalition of Brazil, Russia, India, China, and South Africa.
  • The move aims to diversify Algeria’s oil and gas-based economy and open new economic opportunities.
  • Algeria plans to contribute $1.5 billion as a shareholder member of the BRICS Bank.

Algeria has formally petitioned to be incorporated into the influential BRICS coalition, comprising Brazil, Russia, India, China, and South Africa.

The move, confirmed by Algerian President Abdelmadjid Tebboune, is a strategic effort to foster new economic opportunities and diversify Algeria’s economy, traditionally reliant on its rich oil and gas resources.

Seeking greater economic opportunities

President Tebboune’s confirmation of the application, during his return from a diplomatic visit to China, marks a significant point in Algeria’s international relations strategy.

The request comes with an initial commitment of $1.5 billion as a shareholder member of the New Development Bank (formerly known as the BRICS Bank), signifying Algeria’s intent to integrate fully into this international collective.

Algeria’s interest in joining the BRICS is not a surprising development, given the group’s economic influence. The BRICS nations collectively account for over 40% of the global population and about a quarter of the world’s economy.

By joining the BRICS, Algeria can open doors to new partnerships and broader economic markets, while simultaneously diversifying its economy beyond its conventional oil and gas sector.

China’s commitment and BRICS expansion interest

Algeria’s move towards BRICS comes with substantial backing from China, who has pledged to invest $36 billion in various Algerian sectors. These include manufacturing, new technology, the knowledge economy, transportation, and agriculture.

The mutual relationship between Algeria and China is set to be a solid foundation for Algeria’s potential entry into the BRICS group.

Algeria’s application to join BRICS is not a lone instance. Over 40 countries have demonstrated an interest in joining this powerful group, according to South Africa’s chief diplomat overseeing BRICS relations.

These nations include Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan.

However, Algeria, with its rich resources and strategic partnerships, is considered a favored nation for inclusion in an expanded BRICS coalition.

The announcement comes less than three weeks before the annual BRICS summit, indicating that Algeria is orchestrating its diplomatic strategy carefully and in a timely manner.

President Tebboune’s recent four-day visit to China underlines Algeria’s intent to secure strong international alliances that can facilitate its entry into BRICS and assist in achieving its economic diversification goals.

Bottomline is Algeria’s formal request to join the BRICS underscores its ambition to expand its international influence and economic opportunities. As the annual BRICS summit approaches, all eyes will be on Algeria as it navigates this pivotal moment in its economic diplomacy.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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