Algeria seeks BRICS membership to bolster its economy and diversify industries. As a major oil and gas producer, Algeria aims to reduce reliance on these commodities by accessing new markets and technologies through BRICS. Furthermore, joining the group will enhance Algeria’s diplomatic status, granting it a more influential role on global issues.
As of July 2023, countries expressing interest in BRICS membership are Algeria, Argentina, Egypt, Iran, Indonesia, and Saudi Arabia. However, it remains uncertain which countries will be accepted, as the decision requires consensus among BRICS members.
The BRICS Bank, also known as the New Development Bank, was established in 2014 by BRICS countries. It offers loans for infrastructure and sustainable development projects in developing countries. Algeria has applied to become a shareholder, anticipating approval in the near future.
Algeria’s membership in BRICS could have several implications. It may foster increased economic cooperation and investment between Algeria and other BRICS nations, expanding market access for Algerian goods and services. Additionally, Algeria’s participation would elevate its diplomatic influence on the global stage.
Nonetheless, the actual impact will depend on factors like the willingness of BRICS countries to cooperate with Algeria and Algeria’s capacity to capitalize on the opportunities presented by BRICS membership.
In conclusion, Algeria’s interest in joining BRICS stems from its economic ambitions and diplomatic aspirations. Becoming part of this major emerging economies group could open doors to diverse prospects and collaboration. While potential benefits exist, the ultimate consequences will materialize based on how Algeria navigates its membership and collaborates with other BRICS nations.
