President Tebboune’s Vision of Stronger Global Partnerships: Algeria’s Ascent in BRICS
BY: Hana Saada
Johannesburg, August 23, 2023- The 15th BRICS summit commenced yesterday in Johannesburg, ushering in a new era of global cooperation and economic collaboration. This milestone multilateral event, spanning two days, introduces a groundbreaking expansion of the BRICS economic bloc to welcome new member nations. Spearheaded by Algeria’s Minister of Finance, Laâziz Faïd, the summit is poised to redefine international partnerships, fostering fair multilateralism and global governance reforms.
BRICS: A Vision of Inclusivity and Growth
As the world watches the 15th BRICS summit unfold, the spotlight is on the bloc’s ambitious expansion beyond its founding nations. The concept of broadening the BRICS alliance to encompass additional countries was initially introduced as the “BRICS+” project by China back in 2017. However, South Africa gained an early lead in this endeavor with its 2013 launch of the “BRICS-Africa Outreach” initiative. Since its inception in 2009, BRICS has admitted only one new member – South Africa itself, which joined the founding nations in 2011 to become a full-fledged BRICS member.
A Historic Moment of Inclusivity
The 15th BRICS summit heralds a pivotal moment in the group’s history, as it ushers in a wave of fresh perspectives and contributions from new participants. The summit is a convergence of leaders not only from the five original BRICS countries – Brazil, Russia, India, China, and South Africa – but also from 67 African, Latin American, Asian, and Caribbean nations. The forum is set to gather heads of state, government representatives, as well as leaders of international and regional organizations, forging a global dialogue aimed at fostering collaboration in an interconnected world.
Algeria’s Ascent: A Testimony of Commitment
Algeria’s presence at the BRICS summit symbolizes the nation’s fervent commitment to address multidimensional crises, strengthen equitable multilateralism, and catalyze reforms in global governance. Minister Laâziz Faïd, representing President Abdelmadjid Tebboune, underscores Algeria’s dedication to contributing substantively to these paramount issues.
President Tebboune’s aspiration for Algeria to join the BRICS bloc resonates with the country’s inherent strengths. Algeria’s proven political and economic prowess positions it as an invaluable addition to the BRICS family, affording the nation the opportunity to fortify its global presence and mitigate potential geopolitical tensions.
Algeria’s Path to BRICS Membership
President Abdelmadjid Tebboune’s resolute belief in Algeria’ suitability for BRICS membership has paved the way for a well-coordinated effort. The President’s vision, expressed in 2021, underscored Algeria’s eagerness to join the BRICS alliance, highlighting the nation’ strategic advantages. Algeria submitted its formal request for membership in November of the same year, receiving support from pivotal BRICS members – China, Russia, South Africa, and Brazil.
Russia’s Foreign Minister Sergei Lavrov acclaimed Algeria as a “strong candidate” for BRICS membership, echoing sentiments of the nation’s readiness to contribute meaningfully. President Tebboune’s diplomatic efforts solidified this vision, with discussions during his visit to Russia in June underscoring Algeria’s commitment to expedite its BRICS membership.
A Bold Step: Algeria’s Financial Commitment
Algeria’s ambitions go beyond rhetoric, as the nation takes a bold step towards meaningful participation. Even prior to official BRICS membership, Algeria has submitted a formal request to become a shareholder of the BRICS New Development Bank, earmarking an initial financial contribution of approximately $1.5 billion. This decision exemplifies Algeria’s proactive approach to collaborative development, aiming to foster economic resilience and stability for the nation and beyond.
Unlike traditional Western institutions such as the International Monetary Fund (IMF) and the World Bank (WB), the BRICS bank focuses on financing infrastructure projects and bolstering economic stability without imposing restrictive conditions. This move reinforces Algeria’s commitment to fostering equitable growth and autonomy in the global financial landscape.
As the 15th BRICS summit progresses, Minister Laâziz Faïd’s presence encapsulates Algeria’s firm determination to contribute to a fairer, more inclusive, and economically robust global community. Algeria’s journey to BRICS membership showcases not only its aspirations for growth but also its dedication to shaping a brighter future for itself and the world.
