Accelerate the completion of Algeria's BRICS membership process, says Tebboune.
Algerian President Calls for Speedier BRICS Membership
Abdelmadjid Tebboune, the President of Algeria, has pushed for a quicker entry into BRICS — a group consisting of Brazil, Russia, India, China, and South Africa — during a meeting with Russian President Vladimir Putin in Moscow, as per reports from Anadolu Agency.
Tebboune discussed the potential benefits of Algeria joining BRICS, stating that it would ease the transition to settling transactions "not in dollars, not in Euros."
Expressing gratitude for Russia's military support, Tebboune emphasized its significance in safeguarding Algeria's independence amid current circumstances. He also touched upon the geopolitical landscape, expressing a mutual interest in Libya's stability as both Russia and Algeria maintain friendly ties with the country.
Putin recognized Algeria's significance as one of Russia's primary trading partners on the African continent and voiced hopes for expanding economic cooperation between the two nations. Emphasizing the shared efforts within the OPEC+ framework, Putin highlighted the role they play in stabilizing global energy markets.
BRICS States Commit to Building up New Development Bank
With the geopolitical scene in mind, it's crucial to acknowledge the latest pledge by BRICS foreign ministers to strengthen the New Development Bank, an institution created to address the development needs of BRICS members and contribute to global economic growth.
Algeria Aims for Strengthened Economic Ties with Russia
Given Algeria's importance as a trade partner to Russia and the strategic advantages of BRICS membership, Algeria joining BRICS potentially means more business opportunities between the two nations. Meanwhile, Russia's military support for Algeria is set to remain crucial as the country continues to assert its independence on the global stage.
Now, let's delve into the ins and outs of Algeria's potential membership and its impact on currency and trade relations with Russia:
Algeria announced its membership in BRICS in January 2025, signaling a significant shift in the country's global economic stance. However, earlier reports suggested an invitation as a partner country in October 2024, implying a phased approach to integration. Algeria's focus on natural resource exports (hydrocarbons) aligns with BRICS' emphasis on energy security and economic multipolarity, making the partnership a sound strategic move.
Algeria's BRICS membership could pave the way for currency shifts away from the US dollar and Euro, but a common BRICS currency has yet to materialize. India is opposed to such plans, which may limit immediate changes. Algeria's trade relations with Russia are likely to expand, with Russian arms making up 73% of Algeria's arms supply, and investment opportunities in infrastructure, agriculture, and renewable energy on the horizon.
However, Algeria will need to strike a balance between BRICS commitments and domestic policy goals. The country briefly halted BRICS membership considerations in 2023 to focus on domestic reforms. BRICS aims to represent approximately 50% of the global GDP by 2028, offering Algeria increased access to emerging markets and alternative financial mechanisms.
While the future looks promising, challenges lie ahead. Algeria must navigate a delicate diplomatic game to maintain good relations with both the United States and BRICS, given its growing military cooperation with the U.S. Sustaining BRICS engagement also requires addressing bureaucratic inefficiencies and diversifying Algeria's economy beyond hydrocarbons.
- The Algerian President, during his meeting with Russian President Putin, noted the potential benefits of Algeria joining BRICS, stating that it would ease the transition to settling transactions not in dollars or Euros.
- Russia, expressing gratitude for Algeria's military support, emphasized its significance in safeguarding Algeria's independence amid current circumstances.
- Putin recognized Algeria's significance as one of Russia's primary trading partners on the African continent and voiced hopes for expanding economic cooperation between the two nations.
- BRICS foreign ministers recently pledged to strengthen the New Development Bank, created to address the development needs of BRICS members and contribute to global economic growth.
- Algeria's membership in BRICS, scheduled for January 2025, could pave the way for currency shifts away from the US dollar and Euro, but a common BRICS currency is yet to materialize.
- Algeria's focus on natural resource exports (hydrocarbons) aligns with BRICS' emphasis on energy security and economic multipolarity, making the partnership a sound strategic move.
- Russia's military support for Algeria is set to remain crucial as the country continues to assert its independence on the global stage.
- Sustaining BRICS engagement also requires addressing bureaucratic inefficiencies and diversifying Algeria's economy beyond hydrocarbons.
- The Algerian President also touched upon the geopolitical landscape, expressing a mutual interest in Libya's stability as both Russia and Algeria maintain friendly ties with the country.
- The future looks promising for Algeria-Russia relations, with potential investment opportunities in infrastructure, agriculture, and renewable energy on the horizon, but challenges such as maintaining good relations with both the United States and BRICS and diversifying the economy beyond hydrocarbons still need to be addressed.
