Algeria, the North African nation known for its oil and gas wealth, is charting a path towards economic diversification and forging stronger ties with global economic players. President Abdelmadjid Tebboune announced a significant development, as Algeria formally submitted an application to join the esteemed group of nations known as BRICS. The move is aimed at unlocking new economic prospects and expanding the country’s horizons in the international arena.
In its bid to join the BRICS group, Algeria has gone beyond mere application and expressed a desire to become a shareholder member of the BRICS Bank. To bolster its position and influence within the bloc, the nation has pledged a substantial contribution of $1.5 billion to the bank, underscoring its commitment to the shared goals and aspirations of the group.
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, wields considerable economic clout on the global stage. With a collective GDP representing around 26% of the world’s total and a population accounting for over 40% of the global populace, BRICS plays a pivotal role in shaping the international economic and geopolitical landscape.
Algeria’s aspirations to join the BRICS group reflect the increasing appeal of the alliance as a platform for economic cooperation and collaboration. This allure has led to more than 40 countries expressing their interest in joining the group, including Argentina, Iran, Saudi Arabia, the United Arab Emirates, Cuba, the Democratic Republic of the Congo, Comoros, Gabon, and Kazakhstan.
Amid these developments, President Tebboune’s visit to China has brought forth promising prospects for Algeria’s economic growth. China has pledged an astounding $36 billion in investments, spanning diverse industries such as manufacturing, new technology, the knowledge economy, transport, and agriculture. This substantial financial commitment reinforces the economic ties between the two nations and bolsters Algeria’s efforts to modernize and diversify its economy.
As Algeria moves forward with its BRICS membership aspirations and deepens its ties with China, it positions itself strategically to access new opportunities and strengthen its presence on the global economic landscape. The BRICS alliance continues to foster economic cooperation, political dialogue, and strategic partnerships among member countries, serving as a counterbalance to Western-led global institutions and exerting significant influence on international platforms.