In a statement made on the country’s state TV, Saudi Arabia has officially announced its entry into the BRICS alliance. Indeed, the nation was one of six countries invited to join the 2023 summit. Now, it has confirmed its place as one of five joining the bloc to start 2024.
2024 was always set to be the start of a new era for the BRICS economic bloc. Saudi Arabia joins the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia as its newest members. Subsequently, the country noted the inclusion in the alliance as a “beneficial and important channel,” according to a Reuters report.
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Saudi Arabia Announces Its Entry Into BRICS Alliance
Over the last twelve months, the growth of the BRICS bloc has been an undeniable geopolitical development. Indeed, the economic alliance has risen to new heights of relevancy throughout the last year. Now, that is poised to continue as it officially adds to its ranks.
Indeed, Saudi Arabia has officially announced that it is joining the BRICS alliance. Although the country was one of six invited in August, the acceptance was made official at the start of the New Year. Furthermore, Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan, called the move “a beneficial and important channel” to grow economic partnerships.
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Saudi Arabia joins four other countries as the newest part of the BRICS bloc. Only Argentina rejected the invitation granted at the 2023 BRICS summit. However, few nations in the alliance could have a bigger economic impact than Riyhad. Which, ultimately, could help the bloc’s goal to lessen international US dollar dominance.
The country is well-known as an ally of the United States. Yet, its willingness to join the alliance speaks to the potential it has to aid the bloc’s de-dollarization plans. With Saudi Arabia’s participation, ti could continue to increase global pressure on the greenback. Specifically, through the emphasis and reliance on local currencies within international trade settlemnts. An avenue that the country could be massively vital in continuing.