Diverse Collective with Economic Disparities: The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has extended invitations to six additional countries, including Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina. If accepted, this expansion could see Middle Eastern and North African nations joining BRICS as early as January. While BRICS represents a significant portion of the global population and GDP, its members have diverse economies, which has sometimes hindered unified action.
BRICS has long sought to reduce the dominance of the U.S. dollar in international transactions, but efforts to establish a common BRICS currency have not succeeded. The inclusion of major energy producers like Saudi Arabia and the UAE could strengthen BRICS' ability to promote alternative currencies. However, it's worth noting that some experts believe the economic benefits from China for countries like Iran, Egypt, Saudi Arabia, and the UAE may not significantly change, especially given that the currencies of the latter two are pegged to the U.S. dollar.
READ MORE: Saudi Arabia, UAE gives BRICS power to promote alternative currency
China plays a central role in BRICS expansion, with the aim of reducing U.S. influence in the region. Recent developments, such as joint military drills with the UAE and potential involvement in Saudi Arabia's nuclear program, highlight China's growing presence in the Middle East. BRICS membership could potentially facilitate diplomatic reconciliation among these nations, even as they pursue different foreign policy goals.
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