The BRICS bloc, led by China and Russia, invited six new countries to join the group at its 15th summit last August in South Africa. However, Argentina was the first country to decline BRICS membership because newly elected President Javier Milei expressed skepticism about the bloc.
Only the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia have become members of the bloc since January 2024. Meanwhile, Saudi Arabia has yet to finalize whether or not to join BRICS.
Saudi Arabia has not yet made a final decision, as Riyadh is still undergoing certain processes to join the group, South African Ambassador to Russia Mzuvukile Geoff Maqetuka said in an interview with state news agency TASS published on February 27.
“Saudi Arabia is still going through its own processes. One, as a country. Two, together with the BRICS partners. Saudi Arabia has not yet, and has not confirmed, that. We will see that when we get to this year’s Summit in Kazan,” Ambassador Maqetuka explained.
According to Watcher Guru, Saudi Arabia is weighing its options to ensure maximum safety, as the leading Arab kingdom seeks the support of both BRICS and the West.
Riyadh needs the support of BRICS and other developing countries because these are the partners that buy its oil and engage in other trade and services. Riyadh also needs the US and other Western allies to maintain its economy and businesses in a country where the petrodollar remains dominant.
Although Saudi Arabia is attempting to transition away from an oil-based economy, it cannot sustain its GDP without oil. Furthermore, the Kingdom is opening its economy to tourism , and challenging the West would be a costly mistake. Neighboring the UAE has become a global investment hub after opening its economy to tourism.
Saudi Arabia wants to replicate the success of the UAE, and this process requires the support of the US and other Western allies. Therefore, Riyadh is reportedly delaying BRICS membership to avoid "offending" the West, according to Watcher Guru.
BRICS was founded in 2006, initially comprising Brazil, Russia, India, and China. South Africa joined the group in 2011. 2023 marked the bloc's first expansion.
This year, as the rotating chair of BRICS, Russia will host the bloc's summit in October in Kazan, one of the oldest and largest cities in the western part of the country.
According to South African Ambassador Maqetuka, the BRICS leaders' meeting in the Russian city will see decisions on further expansion of the bloc, with 25 countries currently on the "waiting list" to join BRICS.
Mr. Maqetuka emphasized that it is important to clarify how a country can join BRICS.
“I don’t want to use the word ‘apply’ because to become a BRICS member, there are two processes. In the first process, you can state that you intend to join. In the second process, you can directly say that you want to join,” the Ambassador explained, adding that the list of candidates will be clear at the next Summit, and BRICS will expand.
“Which country will be the next rotating president after Russia? It will be Brazil. Brazil will still be dealing with this issue until the leaders decide to pause. But in Kazan, it is obvious that there will be a new member,” Maqetuka said, but noted that the issue of accepting a new member will have to happen gradually .
Minh Duc (According to TASS, Watcher Guru)
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