Saudi Arabia’s bilateral trade with the BRICS group reached $160bn in 2022, according to official government data.
The news emerged after it was announced that Saudi Arabia, along with the UAE and Egypt, were among six nations that have been invited to join the BRICS group of nations.
The trade group originally comprises Brazil, Russia, India, China and South Africa.
Saudi-BRICS trade
Deputising for Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Minister of Foreign Affairs, Prince Faisal bin Farhan bin Abdullah, led the Kingdom of Saudi Arabia’s delegation participating in BRICS-Africa Outreach and BRICS Plus Dialogue.
The event was held in Johannesburg, South Africa, under the theme “Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.”
Prince Faisal reiterated the Kingdom’s aspiration for the summits to pave the way for discussing ways to enhance coordination, consultation, and relations based on mutual respect, as well as exploring opportunities to consolidate cooperation in all fields.
He added that this approach is consistent with the Kingdom’s relentless endeavour to emphasise the importance of collective action and activate multilateral cooperation frameworks to overcome common challenges and provide conditions for security and stability that support the paths of development and economic progress.
He noted that this approach is an essential pillar of the Kingdom’s ambitious Vision 2030.
Prince Faisal also stressed that the Kingdom is steadily and confidently moving ahead with achieving global goals and sustainable development as well as enhancing the welfare of peoples by having effective tools and a responsible role in stabilising energy markets and continuing to be a safe and reliable energy supplier from all sources, while focusing its investments on renewable energy.
The Foreign Minister voiced the Kingdom’s pride in being the largest BRICS trading partner in the Middle East with a volume of bilateral trade reaching $160bn in 2022, reflecting the strong Saudi-BRICS relations.
“The distinguished strategic relations between the Kingdom and the BRICS Group enhance the frameworks of common principles, the most prominent of which are the firm belief in the principle of respecting the sovereignty and independence of states, non-interference in their affairs, adherence to international law, peaceful approach to conflict resolution, protecting international peace and stability, and adopting the best multilateral diplomatic frameworks to achieve complementary cooperation and effective joint development,” Prince Faisal said.
At the outset of the Kingdom’s speech, the Foreign Minister conveyed the greetings of the Custodian of the Two Holy Mosques and the Crown Prince and Prime Minister to the participants, expressing the Kingdom’s appreciation for the efforts made by South African President Cyril Ramaphosa to host the summits and make them successes.
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