Morocco was on the list of nations aspiring to join the BRICS economic bloc. Neladi, the South African minister of foreign affairs, read the list during a press briefing on Monday.
The economic bloc includes Brazil, China, India and South Africa.
The BRICS nations are active participants in the UN, the G20, the Non-Aligned Movement, and the Group of 77. The BRICS nations belong to numerous regional organizations as well, according to the BRICS information Portal.
Informal gatherings of these nations’ foreign ministers began in 2006, and from there, more official annual summits started in 2009, according to the Library of Congress.
The BRICS countries made up around 27% of the global GDP in 2013 based on the purchasing power parity of their respective currencies. 2.88 billion people make up the BRICS collectively, or 42% of the world’s population, and 26% of the world’s land is occupied by these five nations.
Morocco did not formally state that it wanted to join the BRICS, in contrast to several other nations which used their resources to support their bid.
Furthermore, following the country’s inclusion on the list of applicants for the South African Ministry of Foreign Affairs, Morocco remained silent on the matter.
India and Brazil earlier stated that they supported additional nations joining the BRICS group, highlighting the fact that “expanding the economic organization is necessary and important in the current global context.”
To become a member of the BRICS, a country must have a gross domestic product of up to $200 billion, get the approval of the group’s other five members, have a solid foundation for political stability and rapid economic expansion, and be strategically located on the world trade map.
Morocco meets the requirements to join this organization “given the growth rates expected by the World Bank, as well as the official figures for the Moroccan economy, in addition to its great centrality in world trade,” according to political analyst for international affairs Houssain Kannoun.
The fact that Morocco has recently left the “gray list” and that the banking industry has experienced tremendous development are two extremely significant economic indicators that will strengthen the Moroccan folder.
“Morocco joining the BRICS would bring economic competitiveness by opening up to many global markets, which means a strong increase in Moroccan exports,” political expert Mohammed El Ghouati told MoroccoLatestNews AR.
“Morocco has good relations with BRICS members, which would greatly facilitate the acceptance of its demand,” according to the political expert.