Algeria Formally Applies to Join BRICS Group with $1.5 Billion Contribution
Algeria has officially applied to join the BRICS group and become a shareholder member of the BRICS Bank. The Algerian President, Abdelmadjid Tebboune, announced this during his recent visit to China. The country is eager to tap into new economic opportunities and strengthen partnerships with nations like China. As part of their application, Algeria has committed to making an initial contribution of $1.5 billion to the bank.
The BRICS group currently consists of Brazil, Russia, India, China, and South Africa. Together, they represent a significant portion of the global population and economy, accounting for over 40% of the world’s population and approximately 26% of the global economy.
Algeria’s bid to join BRICS aligns with a growing desire among many countries in the Global South for a geopolitical reconfiguration. There is increasing discontent with the West’s dominance over global affairs. More than 40 nations have reportedly expressed interest in joining the BRICS group amid the ongoing Ukraine conflict and the ideological clash between the West and the Rest.
However, some experts caution against the allure of the BRICS group, particularly in the context of geopolitical chaos. They argue that explicitly aligning with the Russia-China axis may not be strategically sound, advocating for a more ambiguous approach.
It is worth noting that Algeria has faced scrutiny for its arms imports from Russia. Bipartisan members of the US Congress criticized Algeria’s behavior and even called for sanctions under the Countering America’s Adversaries through Sanctions Act. Similarly, members of the EU Parliament have criticized Algeria for politically and financially supporting Russia through its significant purchase of Russian arms.
Algeria’s application to join the BRICS group highlights its ambition to enhance its global standing and diversify its economic partnerships. As the country awaits a response from the BRICS members, it is clear that Algeria is looking towards new horizons in the international arena. Joining the BRICS group could offer Algeria a platform for increased cooperation and influence on the global stage.
In summary, Algeria has formally applied to join the BRICS group, signaling its eagerness to explore new economic opportunities and strengthen ties with countries like China. With an initial contribution of $1.5 billion to the BRICS Bank, Algeria aims to become a shareholder member. While some caution against the risks of explicitly aligning with the Russia-China axis, Algeria sees joining BRICS as a way to expand its global influence. The outcome of this application will determine the future trajectory of Algeria’s economic and diplomatic aspirations.
