Ahmed Ali As reported by Ennahar TV, Algeria’s President Abdelmadjid Tebboune has indicated that Algeria, the largest country in Africa, is keen to forge ties with the BRICS coalition. He stated that this crucial alliance with the five prominent emerging economies could potentially usher in unprecedented economic opportunities for all member countries.
Algeria Aiming for BRICS Inclusion
With the upcoming BRICS Summit on the horizon, there might be less focus on the often-discussed BRICS reserve currency, though over 40 countries are showing a strong interest in joining this powerful group.
Anil Sooklal, South Africa’s ambassador to BRICS, subtly suggested a potential enlargement of the coalition this year. A report by Reuters via Ennahar TV revealed that President Abdelmadjid Tebboune of Algeria has declared Algeria’s formal intent to become part of the BRICS group, currently composed of Brazil, Russia, India, China, and South Africa.
“We have formally requested to join the BRICS group and have sent a letter asking to become shareholder members in the bank… Algeria’s initial contribution to the bank will be $1.5 billion,” Tebboune shared in a statement to Ennahar.
Algeria, endowed with abundant resources, is ready to contribute to the BRICS consortium with its petroleum gas, crude petroleum, nitrogenous fertilizers, and ammonia. The country is also rich in mineral resources, many of which are yet to be explored and developed, including significant reserves of iron ore, phosphate, and precious metals such as gold.
Keen on diversifying its economy, Algeria now aims to tap into its untouched gold resources. Currently, Algeria’s economy heavily relies on global hydrocarbon prices, which are often volatile. However, the World Bank foresees a potential rise in the horizon, projecting a 2.3% growth in Algeria’s GDP this year.
The highly anticipated 15th BRICS Summit is set to take place in Johannesburg, South Africa, from August 22-24, 2023. This summit will mark the first face-to-face meeting since the Covid-19 pandemic began. Interestingly, Russian President Vladimir Putin has reportedly chosen not to attend this year. While it’s still unclear whether new countries will be admitted into the BRICS alliance, speculation about this issue has hit an all-time high.
What could be the potential global economic implications if new members are inducted into BRICS? We welcome your thoughts and opinions on this matter in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about BRICS membership
What is the main focus of the text?
The main focus of the text is Algeria’s bid to join the BRICS coalition and its potential economic implications.
What are the BRICS and which countries are currently part of it?
BRICS stands for Brazil, Russia, India, China, and South Africa. These five countries are currently part of the coalition.
Why does Algeria want to join the BRICS group?
Algeria aims to align itself with the BRICS coalition to unlock unprecedented economic prospects and diversify its economy.
What resources does Algeria offer to contribute to BRICS?
Algeria offers valuable resources, including petroleum gas, crude petroleum, nitrogenous fertilizers, ammonia, iron ore, phosphate, and gold reserves.
How much has Algeria proposed to contribute to the BRICS bank?
Algeria has proposed an initial contribution of $1.5 billion to the BRICS bank.
When and where is the upcoming BRICS Summit scheduled to take place?
The 15th BRICS Summit is scheduled to be held in Johannesburg, South Africa, from August 22-24, 2023.
How has the COVID-19 pandemic impacted the BRICS Summit?
The 15th BRICS Summit will mark the first in-person meeting since the start of the COVID-19 pandemic.
Is there a possibility of new countries being welcomed into the BRICS alliance?
There is speculation about the potential expansion of the BRICS group, but it remains uncertain whether new countries will be admitted during the summit.
What is the current state of Algeria’s economy?
Algeria’s economy heavily relies on global hydrocarbon prices, but there is a potential surge in sight with the World Bank projecting a 2.3% GDP growth this year.
How can Algeria’s BRICS membership bid impact the global economic landscape?
Algeria’s inclusion in BRICS could potentially have significant implications for the global economic landscape, as it brings in new resources and economic opportunities to the coalition.
More about BRICS membership
- “Algerian president Abdelmadjid Tebboune signals interest in joining BRICS coalition” – [Ennahar TV](add link here)
- “BRICS: An influential bloc attracting over 40 nations” – [Reuters](add link here)
- “Algeria’s formal request to join BRICS and its proposed contribution” – [Ennahar TV](add link here)
- “Algeria’s resources ready to enrich BRICS collective” – [Add source](add link here)
- “World Bank projection of Algeria’s GDP growth” – [Add source](add link here)
- “15th BRICS Summit details and agenda” – [Add source](add link here)
- “BRICS Summit to be held in Johannesburg, South Africa” – [Add source](add link here)
- “Speculation about potential expansion of BRICS group” – [Add source](add link here)
- “Algeria’s economy and reliance on hydrocarbon prices” – [Add source](add link here)
- “Potential implications of Algeria joining BRICS on global economy” – [Add source](add link here)
