Saudi Arabia's Pending Status in Joining BRICS: Impact on Crypto

• Saudi Arabia Yet to Officially Commit to the BRICS Alliance
• Saudi Arabia's Stand on Joining BRICS
• The BRICS Invitation
• Saudi Arabia-United States Relationship Remains Solid

Saudi Arabia Yet to Officially Commit to the BRICS Alliance

In spite of its current trade ties and an open invitation to join the association, Saudi Arabia has not officially become a member of the BRICS alliance. This revelation comes from the Kingdom's commerce minister, who made this statement during a panel discussion at the World Economic Forum in Davos.

Saudi Arabia's Stand on Joining BRICS

Saudi Arabia received an invitation to attend BRICs, but we have not officially joined BRICs yet," stated Majid Al-Kasabi. This remark came as a first response from Saudi officials after the suggested joining date of Jan. 1 came and went. This contradicts earlier news from Saudi state television which reported earlier this month that Saudi Arabia had officially joined the BRICS bloc. Nonetheless, since those reports, Saudi state TV has expunged all previous coverage stating that the country had accepted the invitation.

The BRICS Invitation

The Saudi government has not confirmed the commerce minister's statement. However, if true, this would make Saudi Arabia the second country to be invited but not join BRICS, following Argentina's explicit decision not to join the alliance after being invited in August. The bloc extended invitations to Saudi Arabia, the United Arab Emirates, Egypt, Iran, Argentina, and Ethiopia in August.

Saudi Arabia-United States Relationship Remains Solid

The Saudi Arabian-United States relationship remains strong despite the BRICS invitation. Hence, this may be a reason why Saudi Arabia hasn't officially joined the BRICS alliance. The growing discord between BRICS and the US, particularly with China, a BRICS founding member, places Saudi Arabia in a challenging position. Balancing relationships with both BRICS and the US may prove to be a complex task.

Edited by Jonathan Stoker