The BRICS Alliance (Brazil, Russia, India, China, and South Africa) is expanding more and more its influence around the world and is rising as the superpower rivaling America’s leadership and economic dominance across the world. The idea of having an alternative to the United States became very appealing to many countries.
As a matter of fact, more than 40 nations have indicated an interest in joining the BRICS bloc of major developing economies as it seeks to expand and grow its political clout, according to South Africa’s ambassador. And the latest country to have applied to join the alliance is the northern African country of Algeria.
Algeria has, indeed, applied to join BRICS. The country submitted a formal application on July 21, 2023, and has expressed its willingness to contribute $1.5 billion to the BRICS Bank. Algeria's bid has been welcomed by the bloc's two behemoths, Russia and China.
Algeria wants to join the BRICS for several reasons. First, membership would give Algeria a seat at the table with some of the world's most powerful emerging economies. This could help Algeria to boost its diplomatic status and influence on the global stage. Second, membership would provide Algeria with access to new markets and investment opportunities. BRICS countries account for a significant share of the global economy, and membership would give Algeria a chance to tap into these markets. Third, membership would allow Algeria to participate in BRICS's development initiatives. BRICS has been active in promoting economic growth and development in the developing world, and membership would give Algeria a chance to contribute to these efforts.
Chinese President Xi Jinping and Algerian President Abdelmadjid Tebboune announced that China would invest $36 billion in Algeria across a number of sectors, including manufacturing, new technology, knowledge economy, transport, and agriculture. The announcement was made during Tebboune's visit to China.
The investment is part of China's Belt and Road Initiative (BRI), which is a global infrastructure project that aims to connect China with other countries through trade and investment. The BRI has been criticized by some for its potential to increase Chinese influence in other countries, but it has also been welcomed by others as an opportunity to boost economic development.
The $36 billion investment in Algeria is the largest single investment by China in the country to date. It is expected to create jobs, boost economic growth, and help to diversify Algeria's economy. The investment is also expected to strengthen the ties between China and Algeria.
BRICS countries have yet to decide on whether to admit new members, and there are some concerns that Algeria's economy is not yet large enough to qualify for membership. However, Algeria's application is a significant step, and it is likely that BRICS will give it serious consideration.
More importantly, if Algeria enters the BRICS Alliance, it will have to commit to the bloc’s political and economic agenda, which could sometimes be at odds with Algeria’s own interests. Additionally, if BRICS were to experience economic instability, it could have a negative impact on Algeria's economy.
Overall, the impact of Algeria's application to join BRICS would depend on a number of factors, including the terms of Algeria's membership, the political and economic climate in BRICS, and the global economic environment.
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