- Algerian President Abdelmadjid Tebboune announced that Algeria has formally submitted an application to join the BRICS group of nations.
- The move aims to create new economic prospects for the oil and gas-rich nation in North Africa, as it seeks to diversify its economy and strengthen ties with countries like China.
BRICS
- BRICS stands for Brazil, Russia, India, China, and South Africa.
- It is an association of five major emerging national economies from different regions of the world.
- Originally known as “BRIC” when formed in 2001, South Africa joined in 2010, leading to the acronym “BRICS.”
- The main objectives are to promote economic cooperation, facilitate political dialogue, and enhance strategic partnerships among member countries.
- BRICS collectively represents around 42% of the global population and approximately 23% of the global GDP.
- The New Development Bank (NDB) was established in 2014 by BRICS countries to fund infrastructure and sustainable development projects.
- The Contingent Reserve Arrangement (CRA) provides member countries with access to financial resources in times of economic crisis.