Following its BRICS invitation, Saudi Arabia and Japan have signed a vital digital economy partnership. Specifically, the two nations have agreed on a memorandum of understanding regarding both digital economies and the progression of digital government services.
The news arrives as the BRICS alliance has had a discussion regarding digital economics. Indeed, reports note that the bloc has been discussing the possible implementation of a BRICS digital currency to act as a trade alternative to the US dollar. Now, Saudi Arabia is set to move forward within the sector.
Saudi Arabia and Japan Agree on Crucial Partnership
The digital asset industry has undoubtedly become one of the most important issues of the year so far. Indeed, various countries and regions have sought to establish their own regulatory standards regarding the industry. Subsequently, these nations are working to develop their own evolution of technology.
Now, following its likely admittance into the BRICS bloc, Saudi Arabia and Japan have signed a vital digital economy partnership. Moreover, both countries have agreed on a memorandum of understanding regarding research and innovative practices in the realm of digital economics.
The two countries have reportedly agreed to exchange policies and ideas in order to push technology forward. Moreover, Saudi Arabia signed the agreement at Japan’s Digital Agency office in Tokyo. Specifically, the Digital Agency is a government entity developed in 2021 to aid in Japan’s digitization.
This collaborative effort aligns Saudi Arabia with a country already exploring this vast and rapidly growing technology. Conversely, it is set to position the country as a potential pioneer or early adopter of the sector. Even if BRICS does not opt to implement digital assets, the technology explored through this partnership should have undeniable economic benefits for the bloc as a whole.