Adding countries to the BRICS bloc will matter economically if Saudi Arabia is one of them but otherwise it’s hard to see the point, said Jim O’Neill, a prominent economist and veteran of Goldman Sachs Group Inc.
“I think they joining — which I imagine if anybody is joining it will include them — is a pretty big deal,” he said in an interview on Bloomberg Television Monday.
There have been more than 20 formal applications to join and President Cyril Ramaphosa on Sunday night gave his formal backing to the goal of expanding the club. Russia Foreign Minister Sergei Lavrov in June declared that Saudi Arabia, the United Arab Emirates, Algeria and Egypt - were all strong applicants.
“The first thing is whether they then start actually pricing the oil in all these local currencies and not in the dollar,” O’Neill, now a cross-bench peer in the House of Lords, said.
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