Algeria on the Verge of Joining BRICS

Algerian President Abdelmadjid Tebboune indicated that his country is close to joining the BRICS bloc, which includes Russia and China, stressing that the bloc countries do not object to Algeria gaining full membership.

President Tebbun said in statements to the Al Jazeera podcast that the countries of Russia, China, South Africa and Brazil have expressed their consent to Algeria’s entry into the BRICS, and that Algeria’s entry into the bloc (Russia, Brazil, India, China and South Africa ) will be an observer in the first stage before gaining full membership.

The President of Algeria also pointed out that the power of the people is measured not by military but by economic power, stressing that the Algerian economy is experiencing growth and progress, as evidenced by data from the International Monetary Fund and the World Bank.

Tebbun said that Algeria’s export contracts, excluding hydrocarbons, exceeded $7 billion for the first time in 4 contracts, adding that Algeria’s foreign exchange reserves now stand at $64 billion, contrary to expectations.

On the role of the private sector in the Algerian economy, President Tebbun said that the private sector accounts for 85% of Algerian capital, noting that the business sector will create 55,000 jobs within 18 months.

The President of Algeria stressed that Algeria will continue its policy of supporting the livelihoods of citizens, noting that Algeria has tripled the wages of workers, despite the fact that the world is suffering from an economic downturn.

The BRICS bloc includes Russia, Brazil, India, China and South Africa, in 2006 Russia, Brazil, India and China created the BRICS group, which, after South Africa joined it in 2011, became BRICS.

Member states are linking banking and currency agreements to exchange currencies and increase trade in local currencies to reduce reliance on the dollar.

Source: Al Jazeera

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