South African President Ramaphosa Expresses Hope for Saudi Crown Prince Bin Salman to Join BRICS
China Sees Saudi Sentiment Toward US and Potential Weakening of 'Petro Dollar' System
[Asia Economy Senior Reporter Cho Young-shin] It has been reported that Crown Prince Mohammed bin Salman Al Saud (hereafter Bin Salman), the first in line to the throne of Saudi Arabia, expressed a desire to join BRICS (Brazil, Russia, India, China, South Africa). As Saudi Arabia is experiencing conflicts with the United States, attention is focused on the background of its expressed intention to join BRICS.
China's state-run Global Times cited South African President Cyril Ramaphosa's remarks, reporting on the 20th that Saudi Arabia hopes to join BRICS.
President Ramaphosa stated, "Crown Prince Bin Salman expressed Saudi Arabia's aspiration to join BRICS." Although Saudi Arabia's intention to join BRICS has been mentioned several times in foreign media, this is the first time that the de facto ruler of Saudi Arabia has directly expressed a desire to join.
Last week, President Ramaphosa made a state visit to Saudi Arabia and signed an investment agreement worth $15 billion (approximately 21.45 trillion KRW) with Saudi Arabia.
The Global Times reported that amid diplomatic tensions between Saudi Arabia and the United States over oil production cuts, the intention to join BRICS came directly from Crown Prince Bin Salman. It suggested that Saudi Arabia's sentiments toward the U.S. were expressed without filter.
Furthermore, the expression of the highest ruler's intention to join BRICS is a clear example of Saudi Arabia's growing autonomy, and the media added that if Saudi Arabia becomes a formal member of BRICS, it could escape the influence of the United States.
In particular, it is expected to have a direct impact on the "petrodollar" system (where oil transactions have been conducted exclusively in dollars since the 1973 oil shock).
Li Shaoxian, director of the Arab Studies Institute at Ningxia University, stated, "Saudi Arabia must change in line with the changing international situation and the evolving oil security framework," adding, "Despite the Middle East's global status, Saudi Arabia is neither equal to nor respected by the United States."
The Global Times welcomed Saudi Arabia's intention to join BRICS, stating that if Saudi Arabia joins, the petrodollar system will rapidly collapse.
Meanwhile, at the BRICS summit held in June, the five member countries officially adopted the Beijing Declaration, which included support for expanding BRICS membership. This reflects their intention to counter the U.S.-centered economic and security system through membership expansion. The five BRICS countries represent 41% of the world's population, 43% of economic growth, and 20% of trade, making it a massive economic consortium.
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