What does Saudi Arabia's accession to the "BRICS" group mean?

What does Saudi Arabia’s accession to the “BRICS” group imply?

World By Aug 24, 2023 No Comments

The Saudi professional in worldwide commerce, Dr. Fawaz Al-Alami, mentioned that Saudi Arabia’s accession to the BRICS group might be in its capability as an observer or accomplice for dialogue, as a result of BRICS will not be a proper group largely, however solely a bunch.

Al-Alami mentioned in an interview with Al-Arabiya channel that the present members will profit from Saudi Arabia becoming a member of the BRICS group and different international locations.

Opposite to the misunderstanding, “BRICS” will not be an financial group, however relatively a purely political group that brings collectively an affiliation of nations dissatisfied with the unipolar system, and the Kingdom of Saudi Arabia doesn’t enter into these areas, and it stands on the similar distance from everybody, and doesn’t goal to be A serious accomplice in a bunch that doesn’t have an financial system, traditions and business change,” in response to Alami.

On the problem of increasing the group, Alami mentioned that the present member states are the beneficiaries, and Saudi Arabia has a big share in international markets and investments, and direct buy from member states is massive, as it’s the largest accomplice China, India and Japan, and they’re among the many finest buying and selling companions for the Kingdom, and they’ll profit from this accession as a result of it would open the market Saudi Arabia in entrance of those international locations, and in addition will open these markets to Saudi exports.

With regard to competitors with the greenback, Al-Alami mentioned, “Saudi Arabia depends on the US greenback, and BRICS can not compete with the greenback, by means of which 80% of commerce exchanges happen, and 59% of international reserves dominate, and it additionally controls 90% of the system of economic transfers that happen inside a community.” Swift, whereas the Chinese language yuan’s share of international reserves is estimated at 2.7%.

Al-Alami reaffirmed that BRICS will not be a corporation, that it offers when it comes to politics, and tries to speed up financial diversification and growth, and established the New Improvement Financial institution, however the funds weren’t put into it.

Alami warned that geopolitical competitors will additional divide the worldwide financial system, and this may occasionally mirror negatively on the financial system of BRICS members.

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