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Saudi Arabia BRICS Membership: Balancing Advantages and Dangers
By Zekeri Idakwo
In January 2024, the Kingdom of Saudi Arabia formally introduced its membership of BRICS, a world financial bloc that features Brazil, Russia, India, China and South Africa.
The BRICs intergovernmental organisation was based in 2009 by Brazil, Russia, India, and China. South Africa joined the bloc in 2010. On 1 January, 2024, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates additionally joined the organisation. The physique held its first summit in Yekaterinburg, Russia.
The said goals of BRICS embody financial cooperation and commerce amongst member international locations, the promotion of sustainable improvement and inclusive development, and the facilitation of political cooperation and mutual understanding. These targets have guided the group’s actions and initiatives since its founding.
Equally, the BRICS alliance is constructed on the ideas of non-interference, equality and mutual advantages. These ideas information the organisation’s method to financial, territorial, and political disputes. The alliance additionally focuses on three principal pillars: political and safety cooperation, financial and monetary cooperation, and cultural and people-to-people exchanges.
China, Saudi Arabia’s largest oil buyer, has reportedly been a vocal proponent of increasing BRICS as a way of balancing energy with Western international locations. Whereas the precise particulars of the potential growth are nonetheless being mentioned, China has expressed robust assist for Saudi Arabia’s entry into the financial bloc.
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Saudi Arabia’s admission into BRICS comes at a time of alleged heightened geopolitical tensions between the US and China, and China’s rising affect within the Kingdom. With Saudi Arabia’s oil-rich financial system and China’s rising financial energy, the doorway might considerably change the dynamics of the worldwide financial system.
Regardless of Saudi Arabia’s historic ties to the US, the Kingdom has been pursuing its personal strategic path, pushed by considerations that the U.S. is much less dedicated to its safety than previously. As China’s affect within the area grows, Saudi Arabia could search to diversify its geopolitical partnerships to safe its personal pursuits. This may increasingly embody nearer cooperation with BRICS international locations, equivalent to Russia.
Particularly, by becoming a member of BRICS, Saudi Arabia would stand to realize a number of issues. First, it will give the nation larger entry to the rising economies of the BRICS nations. Second, it will assist diversify Saudi Arabia’s financial system away from oil and gasoline. Third, it will strengthen the nation’s relationship with China, one of many world’s largest economies. And eventually, it will give Saudi Arabia a stronger voice on the world stage.
The Kingdom’s international minister, Prince Faisal bin Farhan, in August, earlier than the January becoming a member of date, mentioned the BRICS group was “a helpful and vital channel” to strengthen financial cooperation.
Nevertheless, there are a number of potential dangers related to Saudi Arabia becoming a member of BRICS. First, there may be the danger of political and financial instability. Saudi Arabia is a monarchy, and its authorities has been criticised for its report on civil liberties and human rights. There’s additionally the danger of financial sanctions from the West, as BRICS is seen as a problem to the present international financial order. Moreover, there may be the danger of China’s rising affect within the area, which might probably threaten Saudi Arabia’s safety.
The growth of BRICs to incorporate Saudi Arabia and different nations marks a major shift in international energy dynamics. The brand new members convey numerous economies and cultural views to the desk, and their inclusion highlights the rising affect of growing nations. This shift will seemingly have far-reaching implications for international commerce, politics, and tradition.
