BRICS expanding

Discussion in 'Economics' started by earth_imperator, Aug 1, 2022.

  1. "
    Algeria talks of joining Russia-linked BRICS group
    Mon, August 1, 2022, 9:15 AM. (AFP)
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    Algerian President Abdelmadjid Tebboune has suggested that his country, Africa's largest natural gas exporter, could join the BRICS economic group that includes Russia and China.

    Tebboune's comment comes after Russian President Vladimir Putin -- whose country is hit with Western sanctions over its Ukraine invasion -- in June called on BRICS leaders to move towards "formation of a truly multipolar system of inter-government relations".

    The BRICS group also includes the major emerging economies of Brazil, India and South Africa.

    "The BRICS interest us" as an alternative to traditional power centres, Tebboune said in a televised interview late Sunday. "They constitute an economic and political force."

    He underlined that there was no need to "get ahead of things" but promised "good news".

    The president added that his North African country meets "a good part" of the economic criteria for joining the bloc.

    BRICS members currently account for nearly a quarter of the world's gross domestic product.

    Tebboune participated in a BRICS virtual summit at the end of June, when Putin called on leaders of the group to cooperate in the face of "selfish actions" from the West.

    Sanctions over Ukraine have pushed Putin to seek new markets and strengthen ties with countries in Africa and Asia.

    Algiers abstained when the United Nations General Assembly overwhelmingly passed a resolution in March demanding Russia immediately withdraw from Ukraine.

    China, India and South Africa also abstained.

    On a visit to Algeria in May, Russian Foreign Minister Sergei Lavrov said trade between his country and Algeria had reached $3 billion last year.

    bur/cls/it/fz
    "
     
    AKUMATOTENSHI likes this.
  2. ET180

    ET180

    Oh man, Algeria...I was concerned about the deep corruption associated with Russia and India and mass surveillance, censorship, propaganda, human rights violations associated with China...and wow, who can forget how open, honest, and transparent they were about warning the rest of the world about Covid...what a gift they gave to the rest of the world. But now that Algeria, an innovative, technological center and destination where all talented young people from around the world aspire to move to and start a new life founded on freedom, liberty, and the pursuit of happiness...gee, sign me up! That changes everything.
     
    beginner66 and VicBee like this.
  3. VicBee

    VicBee

    Yeah this is cataclysmic. I can already see millions of Algerians returning to their beloved country from evil Europe and join their Russian, Chinese and Indian brothers and sisters in their fight against corrupt western values. Allah Akbar !
     
  4. Anyone know when their new currency will be released? Won't be long until they start transacting oil with it, then we will see a duo of world reserve currencies for a while
     
  5. Here's some more info, but w/o any "release" :) date :
    https://think.ing.com/opinions/brics-the-new-name-in-reserve-currencies/
    I guess, from my intuition :D, that it will be sometime in Q2 or Q3 next year.