Arab Countries and the BRICS Membership Dilemma: A Delicate Balance Between Investment and Consumption

Arab Countries and the BRICS Membership Dilemma: A Delicate Balance Between Investment and Consumption
For Arab countries to succeed in the BRICS group, they must adopt comprehensive development policies focusing on innovation and technology while maintaining their economic independence and avoiding th
October 21, 2024, 5:55 pm

الصين والدول العربية

The BRICS group is preparing to hold its upcoming summit in Kazan, the capital of Tatarstan, Russia, from October 22 to 24. This summit comes amid varying aspirations and hopes, both for founding countries and new members, as their membership is tied to diverse criteria and considerations.

The Kazan summit is the first after the group's second expansion phase, considering that the first phase saw South Africa join in April 2011.

It can be concluded that this phase might have been the last where expansion was linked to the basic criteria for joining, which is "achieving the highest economic growth rates" globally.

In the second phase, it's noted that many countries joined despite not achieving the required growth rates, indicating that political considerations overshadowed economic aspects. For example, Argentina's motivation to join - before recent changes in its orientations - was the desire to break free from dollar hegemony and American influence.

For Iran, security and political reasons intertwine. The former includes joint production of some weapons such as drones and missiles, while the latter represents a potential gateway for expanding Russian influence in the Middle East.

Regarding Egypt and Ethiopia, their motivations for joining are similar though not identical. Both suffer from financial and economic crises and seek to attract foreign investments to fund productive projects. However, Egypt's unique geographical location, along with its political and security stability, gives it a relative advantage in investment viability.

Egypt is well aware that Russian, Chinese, and some other markets are no longer promising for traditional products like vegetables and fruits. Recent reports from the Russian Federal Statistics Service indicate high levels of self-sufficiency in food security, reducing export opportunities for traditional agricultural products.

Russia has succeeded in achieving self-sufficiency in many agricultural, animal, and food sectors, including potatoes (101%), meat (101.7%), dairy products (84.3%), fish (102.9%), eggs (98.6%), vegetables (89.1%), and fruit (44.6%). It has also achieved impressive results in crops it previously didn't focus on, such as rice and cotton seeds.

These figures indicate that joining BRICS alone may not achieve the desired gains but could lead to significant losses for those who haven't enhanced their productive and export capabilities. Countries that don't keep pace with this development may turn into mere markets for other countries' products, potentially burdening them with debt and threatening their economic sovereignty.

Therefore, observers emphasize that Arab countries wishing to join BRICS must develop comprehensive economic strategies to enhance their competitiveness and diversify their economies while maintaining a delicate balance between attracting investments and protecting local industries. They must also focus on innovation and technology to ensure a strong position in this global economic bloc.

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