A delegation of Foreign Ministers from respective BRICS countries is meeting in the Russian city of Nizhny Novgorod. The new representatives include the United Arab Emirates, Egypt, Iran, and Ethiopia along with the five founding members. In a surprising turn of events, Saudi Arabia has also sent its Foreign Minister, Prince Faisal bin Farhan to attend the BRICS meeting in the Russian province.

Also Read: 59 Countries Show Interest To Join BRICS in 2024

For the uninitiated, BRICS had invited Saudi Arabia to join the bloc in 2023 but the Kingdom is yet to provide a decision. Saudi Arabia is considering the pros and cons of joining BRICS and will soon reach a consensus. It comes as a surprise that despite not joining BRICS, the Kingdom sent its Foreign Minister to attend the meeting.

Also Read: US Dollar or Chinese Yuan: Which Currency Is Realistically Stronger?

Will Saudi Arabia Finally Join the BRICS Alliance After the 2024 Summit?

Source: oilandgasmiddleeast.com / ShutterStock

As the BRICS alliance wholeheartedly welcomed Saudi Arabia into the Foreign Ministers meeting, speculations are rife that the Kingdom might join the bloc. “A significant meeting in the format of expanded BRICS family. India wholeheartedly welcomes the new membership,” said India’s Foreign Minister S Jaishankar.

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Apart from attending the BRICS meeting today, Saudi Arabia’s Foreign Minister had separate talks with Brazil and Thailand. Saudi Arabia is looking to boost bilateral trade with both countries and address issues of mutual concern.

Price Faisal Farhan also met the Foreign Minister of Belarus, Sergei Aleinik, and discussed cooperative developments at the BRICS meeting. Both Belarus and Thailand have also expressed their interest in joining the BRICS bloc.

Also Read: BRICS: Gold Will Displace the U.S. Dollar, Says Top Analyst

BRICS needs Saudi Arabia to join the bloc as the Kingdom holds leverage in the global oil sector. Their induction can make the grouping stronger and challenge the US dollar and other leading currencies. Read here to know what could happen to the global oil sector if the Kingdom joins the BRICS alliance.

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