Saudi Arabia is considering an invitation to join the BRICS bloc, which consists of the group of emerging economies made up of Brazil, Russia, India, China and South Africa. The proposal came to light in August 2023 and sparked global political speculation.
The invitation to the BRICS bloc
Last year, the BRICS bloc invited Saudi Arabia, along with other countries such as the United Arab Emirates, Egypt, Iran, Argentina and Ethiopia, to join the group from January 1 this year. In addition, the mentioned date does not represent a deadline for making a decision. Within the group, China and India stand out as the main trading partners of the Saudi Kingdom, which will bring significant benefits if they accept the invitation. “The Kingdom is currently assessing the benefits and will then make a decision. “There is a process underway,” one of the sources said.
Impact of the expansion of the BRICS bloc
The expansion of the BRICS bloc adds a greater economic dimension to the existing group. Furthermore, it furthers its stated goal of becoming a champion of the Global South. Faisal Alibrahim, Saudi Arabia's chief economist, confirmed that the kingdom was still in the decisionmaking phase about joining the group. “The Kingdom participates in several multilateral platforms and institutions and goes through a multistage process each time it is invited to one of the platforms. We are at this stage and I will comment on it at the end of the process,” he commented to Portal.
Considerations on geostrategic options
The kingdom's decisionmaking comes amid rising geopolitical tensions between the United States, China and Russia and as Saudi Arabia's ties with Beijing have raised concerns in Washington. Hesham Alghannam, director general of the Center for Security Research at the Naif Arab University for Security Sciences, said: “Although official membership in the group is beneficial for the kingdom's economy, it should carefully consider what political impact it could have on its relations .” other major powers.”
Last Tuesday, Saudi Arabia's trade minister said in a panel at the World Economic Forum in Davos that the country had not joined the BRICS countries, without elaborating. Peskov, Kremlin spokesman, said that the integration of Saudi Arabia into the BRICS bloc is a very important work that is still ongoing.
Acceptance in the UAE
According to the Foreign Ministry, the member of the Gulf Cooperation Council (GCC), the United Arab Emirates, accepted the invitation and joined the association of states. His decision was based on economic rather than political considerations, Economy Minister Abdulla bin Touq al Marri said on Thursday. “We are not living in a Cold War… Joining the BRICS is not from a political point of view, but from an economic point of view,” Marri commented in a meeting in Davos. “Yes, there has been polarization unprecedented since the 1980s, but joining the BRICS is more of a SouthSouth agenda. The UAE will always cooperate with the West.”