Algerian President Champions BRICS Bid During China Visit
Algerian President Abdelmadjid Tebboune is commencing a four-day visit to China on Monday, aiming to join the BRICS group of emerging markets.
Tebboune’s recent visit to Russia saw him expressing Algeria’s keen interest in becoming a member of the BRICS group.
BRICS comprises emerging market states like Brazil, Russia, India, China, and South Africa. It was established to balance the perceived dominance of the Western economies in the global arena.
Over sixty years ago, Algeria gained independence from France and has since pursued an independent path.
At present, Algiers is strengthening its relationship with China, especially as the EU and the US appear less willing to engage with Beijing.
In 2014, both countries signed a “comprehensive strategic partnership agreement,” and Algeria actively participated in China’s multi-billion dollar Belt and Road Initiative. The initiative includes projects such as the development of the Gara Djebilet iron deposit in Tindouf province and a $7 billion fertilizer production facility in the Tebessa region.
An Algerian BRICS membership could foster further cooperation with other emerging markets.
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Ethiopia, one of Africa’s rapidly growing economies, recently sought to join the BRICS bloc, and Argentina, the world’s 23rd-largest economy, received China’s formal support for its membership last year.
The next BRICS summit is scheduled to be hosted by South Africa in August, with speculations about its potential relocation to prevent the arrest of Russia’s President Vladimir Putin over war crimes accusations.
In total, the BRICS countries represent more than 40 percent of the world’s population and about 26 percent of the global economy.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
