Algeria has officially applied to join the BRICS group, the emerging markets coalition of Brazil, Russia, India, China, and South Africa, contributing $1.5 billion as a first commitment to become a shareholder member of the BRICS Bank. President Abdelmadjid Tebboune announced at the end of his visit to China that his country had sought to join the BRICS to open new economic opportunities.

The North African country is rich in oil and gas resources but is seeking to diversify its economy to reduce dependence on the energy sector. The BRICS grouping represents around 26% of the world’s population and 40% of the world’s economy, making it an essential partner for Algeria in terms of trade and development.

It is the latest in many nations, including Iran and Argentina, to seek membership in the bloc, which many view as an alternative to the Western-led G7 and other global institutions. The growing interest in joining the BRICS reflects the rise of multilateralism and a reconfiguration of international relations.

Although the BRICS members are not necessarily ideologically close, they share a desire to challenge what they perceive as a biased global economic system. They are also interested in strengthening their economies and building partnerships with other emerging economies, especially those that can help offset the slowdown of the West’s growth.

In joining BRICS, Algeria would gain access to new markets and help promote its investment projects, such as an ambitious project to develop the country’s natural gas infrastructure. The country is the largest gas exporter in Africa and supplies Europe with over a quarter of its natural gas needs.

The BRICS members are also diverse, ranging from liberal democracies to authoritarian regimes, including the oil-rich kingdom of Saudi Arabia. This diversity gives the bloc strength to counterbalance the influence of Western powers and make a more significant contribution to the world’s financial stability.

The BRICS grouping is considering Algeria’s application ahead of its next summit in Cape Town in June, where the five countries will discuss enlarging the organization. Several other nations, including Turkey, Iran, and Saudi Arabia, are interested in joining.