Saudi Arabia considering invitation to join BRICS 

Saudi Arabia is still considering an invitation to become a member of the BRICS bloc of countries after the first opportunity to join passed earlier this month, two sources with direct knowledge of the matter told Reuters on Thursday. The BRICS grouping of five major emerging economies–Brazil, Russia, India, China, and South Africa–at the end of its meeting in Johannesburg announced its decision to invite six new members to join beginning January 1, 2024. January 1 was not the deadline for a decision, the two sources said, with one adding there were strong benefits to joining the bloc as China and India are the kingdom’s biggest trading partners. “Saudi Arabia is assessing the benefits and then will make a decision, there is a process happening,” one of the sources said. WHAT IS BRICS? The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China. The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies. Its creation was initiated by Russia. The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC). The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group. With inputs from agencies.