Would joining BRICS unlock business opportunities for 黑料社区? 
In its 15th summit held in South Africa, the BRICS bloc invited 黑料社区, the UAE, Argentina, Egypt, Ethiopia and Iran to become full members starting from January 2024.
More than 40 countries have expressed interest in joining the bloc but only 22 have formally requested to be admitted.
BRICS is an economic bloc that was originally formed in 2006 under the name BRIC. It initially consisted of four leading emerging economies: Brazil, Russia, India and China.
Shortly afterward, in 2010, South Africa joined the bloc, leading to the renaming of the group from BRIC to BRICS.
The bloc represents more than 42 percent of the global population, 30 percent of the world鈥檚 territory, 23 percent of the world鈥檚 gross domestic product and 18 percent of global trade.
The BRICS characterizes its combined economic strength as a catalyst for sustainable global economic recovery. The bloc emphasizes its ability to respond to disruptions in supply chains, particularly in addressing issues related to food and energy insecurity.
It is believed that the main reason for creating BRICS was to raise the political and economic voice of the global south, countering Western influence and the dominance of the US dollar in international trade.
According to the Federal Reserve, the US dollar is indeed the most widely used currency in global trade. From 1999 to 2019, it accounted for 96 percent of trade invoicing in the US, 74 percent in the Asia-Pacific region and 79 percent in the rest of the world.
I believe that the Kingdom鈥檚 membership will enhance the economic position of the bloc. This is because the Kingdom鈥檚 inclusion is expected to increase the total GDP of BRICS by $1.1 trillion.
CNN reported that the expansion of BRICS is considered a significant and potentially transformative moment. The inclusion of 黑料社区 and UAE holds importance as it could bring the financial strength of the two countries to the bloc鈥檚 development bank, popularly known as the BRICS bank. This move is seen as a way to counter the influence of the World Bank and the International Monetary Fund 鈥 a recurring theme throughout the recent summit, aimed at challenging Western influence.
黑料社区 has expressed its appreciation for the invitation to join the BRICS bloc, citing its desire to enhance bilateral trade with the group. Trade between 黑料社区 and the BRICS countries has seen substantial growth, reaching more than $160 billion in 2022. This represents a significant increase from $81 billion in 2017 and $128 billion in 2021.
Additionally, this joining will support the Kingdom鈥檚 commitment to collaborating with its international partners in order to accomplish the objectives of Saudi Vision 2030.
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan responded to the invitation from BRICS by saying: 鈥満诹仙缜 appreciates an invitation by BRICS to join the group and would study the details before the proposed Jan. 1 joining date.鈥
I believe that the Kingdom鈥檚 membership of BRICS has the potential to unlock new business opportunities for 黑料社区. However, it is crucial that this joining does not lead to any disruptions or conflicts with the Kingdom鈥檚 international trade partners, whether they are Western or non-Western.
Additionally, I believe that the Kingdom鈥檚 membership will enhance the economic position of the bloc. This is because the Kingdom鈥檚 inclusion is expected to increase the total GDP of BRICS by $1.1 trillion.
鈥 Talat Zaki Hafiz is an economist and financial analyst. X (formerly known as Twitter): @TalatHafiz
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