Saudi Arabia still considering BRICS membership

Saudi Arabia is still considering an invitation to become a member of the BRICS bloc of countries after being asked to join by the grouping last year, two sources with direct knowledge of the matter told Reuters on Thursday.

The group had in August invited Saudi Arabia, the United Arab Emirates, Egypt, Iran, Argentina, and Ethiopia to join starting Jan. 1, although Argentina signaled it would not take up the invitation in November. 

The two sources said January 1 was not a deadline for a decision, with one adding there were strong benefits to joining the bloc as members China and India are the kingdom's biggest trading partners.

"Saudi Arabia is assessing the benefits and then will make a decision, there is a process happening," one of the sources said.

The expansion of the group would add economic heft to the BRICS, whose current members are China, Brazil, Russia, India and South Africa. It could also amplify its declared ambition to become a champion of the Global South.

Saudi Arabia's consideration of membership comes against a backdrop of rising geopolitical tensions between the US and China and Russia, as the kingdom's warming ties with Beijing have caused concern in Washington.

On Tuesday, Saudi Arabia's minister of commerce stated that Saudi Arabia had not joined the BRICs in a panel at the World Economic Forum in Davos.



Reuters