One country gives up on its bid to join BRICS

Algeria has officially abandoned its bid to join the BRICS group, although it will maintain its membership in the BRICS Bank (NDB), Algerian newspaper El Moudjahid reported in late September, citing government sources.

The decision comes after recent reports that BRICS member states have approached Algeria again about the possibility of the North African country joining the group.

However, El Moudjahid newspaper has clarified that Algeria is no longer pursuing membership of the China- and Russia-led grouping, with officials stating that “the BRICS membership file is closed for the Algerian authorities”.

Algerian President Abdelmadjid Tebboune had previously confirmed that his country would no longer seek BRICS membership, after his country was not among the six countries invited to join the bloc's historic enlargement at the BRICS Summit last August in Johannesburg, South Africa.

BRICS, which originally included Brazil, Russia, India, China and South Africa, expanded in early 2024 to include Egypt, Ethiopia, Iran and the United Arab Emirates (UAE). Russia holds the rotating BRICS presidency in 2024 and will host the Kazan Summit in October 2024. Photo: Tatar Congress

According to El Moudjahid newspaper, the reason why the Algerian government is no longer keen on the idea of ​​joining BRICS is because it sees no clear reason for excluding them last year and because of the “illogical logic of selection”, and believes that BRICS should have adopted a more inclusive approach.

Nevertheless, Algeria remains committed to its role in global economic frameworks and multilateral cooperation.

“Algeria has really turned a new page” on the issue of BRICS membership, while continuing to support multipolarity in international relations through other platforms such as the United Nations Security Council (UNSC) and the Non-Aligned Movement, El Moudjahid newspaper said.

The article highlighted Algeria's strong economic position, noting that the country has no foreign debt, possesses the largest land mass in Africa and is rich in mineral and energy resources, along with an infrastructure that is admired across the continent.

Notably, earlier in September, Algeria was admitted to the New Development Bank (NDB), also known as the BRICS Bank, thereby strengthening economic ties with the group.

The NDB membership, announced by Algeria's finance ministry on September 1, allows the country to cooperate on important development projects in emerging markets, even as political disagreements hinder the North African country's full integration into BRICS.

A multilateral development bank, the NDB was established by the BRICS group of developing countries – Brazil, Russia, India, China and South Africa – in 2015.

With a core mission of mobilizing resources for projects in emerging markets and developing countries, NDB has expanded its membership to include Bangladesh and the United Arab Emirates (UAE) in 2021 and Egypt in 2023.

Minh Duc (According to Middle East Monitor, Arab Weekly)

Source: https://www.nguoiduatin.vn/mot-quoc-gia-tu-bo-no-luc-gia-nhap-brics-204241003105307357.htm