Since the dawn of 21st century, the world has been witnessing a shift in the global power balance, with the rise of new economic and political powers. One of the most notable examples of this shift is the emergence of the BRICS countries (Brazil, Russia, India, China, and South Africa) as a major powerful inter-regional bloc on the world stage.
This group of countries, which represents some of the fastest-growing economies in the world, has been working together to promote a multipolar world order and to challenge the dominance of traditional Western powers.
Argentina and Saudi Arabia may soon join the BRICS group, which would strengthen the multipolar world order bloc, according to recent media rumours. Saudi Arabia has expressed interest in joining the BRICS nations, according to South African President Cyril Ramaphosa, who was in the Kingdom at the time. If this were to occur, the inclusion of these two nations would benefit the group and the entire world, politically and economically.
Saudi Arabia is an important regional and global player in world politics, and henceforth, its addition to BRICS will provide a significant economic and political influence to the group. For instance, Saudi Arabia’s membership will provide a valuable partner in the region to this group and would help promote stability in the Middle East. Moreover, Saudi Arabia is also a major player in the global petrochemical industry, with a production capacity of more than 70 million tons/year. Saudi Arabia’s admission to BRICS would provide its members with a reliable partner in the energy sector and would help promote stability in the global oil market.
On the contrary, Argentina’s membership would bring valuable economic benefits to the group and would help promote trade and investment between BRICS and Latin America. According to IMF and World Bank records, the Argentina’s GDP is $406.2 billion, which makes it the 23rd largest economy in the world.
In addition, Argentina has a strong manufacturing sector, predominantly in the aerospace and automotive industries. Argentina’s membership in BRICS would grant the other members entry into these industries and help stimulate cooperation in the field of manufacturing.
Despite both Argentina and Saudi Arabia facing economic challenges in the past few years, joining BRICS could provide them with new opportunities to access new markets, and to boost development and economic growth.
For instance, in the case of Saudi Arabia, joining the BRICS group would provide it with new opportunities for investment and trade, which would help to diversify its economy and reduce its dependence on oil exports. Saudi Arabia’s addition to BRICS is particularly quintessential from the standpoint of the ongoing shift towards renewable energy sources, which is likely to lead to a decline in demand for oil in the coming years. As a matter of fact, Saudi Arabia’s inclusion in BRICS would give it access to new technologies and expertise, which would be crucial for its efforts to diversify its economy and create new jobs.
Similarly, in the wake of the ongoing economic crisis in Argentina, joining BRICS would provide it with new opportunities for trade and investment, which would help to stimulate its economy and create new jobs. The ongoing economic crisis in Argentina, which has been characterized by high inflation, a large fiscal deficit, and a large trade deficit, makes the BRICS group a new opportunity for the country. Joining BRICS would provide Argentina with access to new technologies and expertise, which would be crucial for its efforts to modernize its economy and create new jobs.
From the geopolitical and geo-economic standpoint, the BRICS countries have been working to establish a more unbiassed and impartial world order for years, and the inclusion of Saudi Arabia and Argentina in the group would further strengthen these efforts. The BRICS group as an economic bloc have been working on diverse proposals to promote this multipolar world order. For instance, the creation of the New Development Bank and the Contingent Reserve Arrangement, which is designed to provide alternative sources of finance for developing countries, is a key BRICS initiative. The inclusion of Saudi Arabia and Argentina in the group would further strengthen these initiatives and provide more resources and support to these efforts.
Likewise, from the strategic standpoint, the inclusion of Saudi Arabia and Argentina in BRICS would promote regional stability and cooperation at the global stage. Saudi Arabia and Argentina are key regional players and their membership would bring valuable regional expertise and provide a valuable partner to the BRICS countries in these regions.
To conclude, the possible inclusion of Saudi Arabia and Argentina to the BRICS would bring significant economic, political, and social benefits. The addition of two regional powers to BRICS would further advance the influence of this bloc in particular regions. Their inclusion would strengthen the multipolar world order, provide new opportunities for growth and development, disseminate regional stability and cooperation, and strengthen cultural and educational exchanges.