On the list of countries hoping to join the BRICS economic community was Morocco. During a news conference on Monday, Neladi, the South African minister of foreign affairs, read the list.
South Africa, Brazil, China, and India make up the economic bloc.
The BRICS countries are engaged members of the UN, G20, Non-Aligned Movement, and Group of 77. The BRICS information portal states that the BRICS countries are also members of various regional organizations.
According to the Library of Congress, these countries’ foreign ministers first met informally in 2006; from there, more formal annual summits began in 2009.
On the basis of the relative purchasing power of their various currencies, the BRICS nations contributed about 27% of the global GDP in 2013. Together, the BRICS account for 2.88 billion people, or 42% of the world’s population, and they occupy 26% of the planet’s land.
In contrast to several other countries which utilized their resources to bolster their application, Morocco did not openly declare its desire to join the BRICS.
In addition, Morocco kept mute after being included to the list of candidates for the South African Ministry of Foreign Affairs.
India and Brazil have declared that they were in favor of new countries entering the BRICS alliance, pointing out that “expanding the economic organization is necessary and important in the current global context.”
A nation must meet certain criteria before it can join the BRICS, including having a gross domestic product of up to $200 billion, receiving the consent of the other five members, having a strong basis for political stability and quick economic growth, and having a favorable geographic location for international trade.
According to political analyst for international affairs Houssain Kannoun, Morocco satisfies 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.”
Two very important economic indications that will boost Morocco’s position are the country’s recent removal from the “gray list” and the banking sector’s phenomenal growth.
“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 said.
“Morocco has good relations with BRICS members, which would greatly facilitate the acceptance of its demand,” the political analyst claims.