On July 21, 2023, it was reported that Algeria had applied to join the BRICS group, a coalition of major emerging economies of Brazil, Russia, India, China, and South Africa. Algeria’s application to join BRICS signals its desire to strengthen its economic ties with other influential emerging nations. Algeria has pledged to contribute $15 billion to the BRICS New Development Bank as part of its application. This report explores the implications of Algeria’s potential membership in BRICS and its commitment to investing in the group’s development initiatives.
The BRICS Group and Its Significance
BRICS is a group of five major emerging economies representing a significant portion of the world’s population, landmass, and economic output. The group was established to promote economic cooperation, development, and political dialogue among its member countries.
Including Algeria, a resource-rich nation in North Africa, in BRICS could bolster the group’s economic and geopolitical influence on the global stage.
Algeria’s Economic Potential and Contribution
Algeria’s application to join BRICS comes when the country seeks to diversify its economy and attract foreign investment. With abundant natural resources, including oil and gas reserves, Algeria has the potential to play a significant role in the energy markets and contribute to the group’s economic growth.
The commitment to contribute $15 billion to the BRICS New Development Bank demonstrates Algeria’s willingness to invest in the group’s development initiatives and support projects aimed at infrastructure development, sustainable growth, and poverty reduction in emerging economies.
Strengthening South-South Cooperation
BRICS represents an example of South-South cooperation, wherein countries from the Global South come together to collaborate on economic and development issues. Algeria’s potential membership in BRICS would further strengthen this cooperation and foster deeper ties among emerging economies.
By aligning with BRICS, Algeria could tap into the group’s economic and diplomatic network, creating new opportunities for trade, investment, and technology transfer.
Geopolitical Implications
Algeria’s application to join BRICS may have regional and international geopolitical implications. As a member of BRICS, Algeria could play a more active role in shaping discussions on global economic policies and contribute to the group’s collective efforts to promote multipolarity in the international system.
Moreover, the potential expansion of BRICS to include a North African nation may signal the group’s interest in broadening its geographical representation and influence.
Conclusion
Algeria’s application to join BRICS and its commitment to contributing $15 billion to the New Development Bank highlight its aspirations to strengthen economic ties with major emerging economies. As part of BRICS, Algeria could leverage the group’s economic clout, foster South-South cooperation, and participate in initiatives aimed at sustainable development and economic growth.
The potential inclusion of Algeria in BRICS could have significant geopolitical implications, reflecting the increasing importance of emerging economies in shaping global economic and political dynamics. As the application process unfolds, the world will be watching to see how this potential expansion of BRICS further shapes the global economic landscape.
