Saudi Arabia is now a member of the BRICS: A STRATEGIC GAME CHANGER

 Saudi Arabia is now a member of the BRICS: A STRATEGIC GAME CHANGER 

According to the book BRICS and Global Governance, developing and emerging markets are increasingly defining these trends, particularly in the expanding cooperation between developing and emerging markets in the south and the south.

Heraclitus, a well-known Greek philosopher, said that nothing in life stays the same except change. On the other hand, international relations are fluid.

Saudi Arabia might join the BRICS, which could change the global strategic landscape.

The BRICS nations' political and military might is growing worldwide.

The BRICS nations can cooperate to influence decisions and present a united front on issues affecting both of them.

The five nations that make up the group are represented by the acronym BRICS: The GDP and population of the world are significantly impacted by India, China, Brazil, Russia, and South Africa.

PPP says that the acronym BRICS has 27% of the world's land area, 32% of the world's GDP, and nearly 42% of the world's population.

If the group were expanded; As a result, the BRICS bloc's global influence could expand.

It is true that expanding the membership of the BRICS group has previously been discussed; However, as of right now, no new members have been accepted.

Saudi Arabia's application has recently been accepted by the BRICS nations; However, all bloc members must agree before the Kingdom can be admitted.

It is essential to keep in mind that each of the BRICS nations is an independent, distinct nation with its own priorities and interests; As a direct result of this, it is highly likely that any decision to expand the group would require the consent of each of the countries that are a part of it.

The potential impact on the group's goals and dynamics may also be taken into account when accepting new members.

Saudi Arabia is expected to attend the BRICS summit in 2023.

The meeting between Saudi King Salman bin Abdul-Aziz Al Saud and Chinese President Xi Jinping on December 8, 2022, demonstrates a positive relationship between China and the Arab world.

Saudi Arabia's membership in the group has the potential to increase its economic and political influence due to its abundance of energy resources.

Riyadh's decision to join BRICS is explained by multilateralism and the national interest.

Oil exports account for 80% of the Kingdom of Saudi Arabia's revenue as a Petro State.

According to a 2020 Brookings Institute report, "profits from oil export is expected to turn down due to expected decline in global demand by 2040."

To reduce its reliance on oil and diversify its economic resources, Saudi Arabia launched the Saudi Vision 2030 program.

In point of fact, Saudi Arabia has attempted to diversify its partnerships in recent years. Because it is a major oil producer, the Kingdom has long enjoyed close ties with the United States. On the other hand, it has also worked to strengthen its ties with other nations, particularly those in Asia.

The agreement to exchange oil for Chinese yuan, which will be sold to China, is one example of this.

Saudi Arabia's actions have the potential to have a significant impact on the international market because it is a major player in the global economy. By expanding its partnerships, it accomplishes this.

Because it is a major exporter of oil and has been active in the Organization of the Petroleum Exporting Countries (OPEC), it is able to control the price of oil around the world.

Additionally, significant investments have been made in infrastructure, technology, and healthcare in the nation's extensive and diverse economy.

Countries with a lot of economic power typically have more leeway in international relations and can pick partners more carefully.

If the BRICS nations are accepted by Saudi Arabia, recycling of petrodollars will cease.

The sale of oil by Saudi Arabia could bring in $7 trillion for the United States. This could result in a bilateral currency exchange agreement, eliminating the need for the BRICS nations, particularly India and China, the two largest oil consumers, to purchase oil in dollars.

The United States will suffer a significant setback if China is the sole owner of one trillion dollars worth of US Treasuries.

The United States will still have one trillion dollars less in bonds even if China simply withdraws its treasury bonds because the Chinese may sell those bonds if they do not purchase oil in dollars. The American economy would suffer as a result.

If Saudi Arabia joins the BRICS, the break is almost certainly going to happen. Saudi Arabia wants to reduce its reliance on any one nation and increase its global influence.

The company may be attempting to move away from its traditional role of providing raw materials and toward a more active role in influencing global events, as evidenced by this.