Argentina and Saudi Arabia differ in their decision to join the BRICS. Argentina chose not to join the BRICS, while Saudi Arabia decided to join. This will lead the two countries to go in different directions. Saudi Arabia's decision is significant for both Saudi Arabia and the BRICS.
Russia's current presidency is spearheading the creation of a payment system that bypasses the dollar, signaling a new era of global de-dollarization, to which Argentina will have nothing to do with it. The size of the BRICS will be expanded to 61 countries, and Argentina will lose its eligibility to become a member of the BRICS. Argentina's choice will lead to even more tragic losses in the coming years.
The rise of the BRICS countries has exceeded imagination, and its economic aggregate has surpassed that of the Western G7 group and has become the core power source of world economic development. It is incomprehensible that Argentina, as a country dependent on agricultural exports, should give up this opportunity. Russia intends to allow member states to use their national currencies in **.
First of all, Saudi Arabia can use its own currency or yuan for oil**, which reduces exchange costs and increases convenience and security. Second, Saudi Arabia can gain more independence and power, which in turn will expand its influence around the world. For Argentina, however, these benefits do not apply.
Argentina is experiencing a currency depreciation and economic recession and is unable to enjoy the benefits of Saudi Arabia's membership in the BRICS Cooperation Organization. Argentina is destined to remain in the middle-income trap and will only have to watch as opportunities fly away. Overall, Saudi Arabia's accession to the BRICS Cooperation Organization marks that the world is entering an era of de-dollarization, which will bring more fairness and equality to the world.
However, for some economically struggling countries, this change may not bring real benefits.