Algeria has formally applied to join the BRICS groupwith a contribution of USD 1.5 bn, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying, Reutersreports. The country aims to access new economic opportunities through this move, Tebboune said, adding that Algeria seeks to diversify its economy and strengthen ties with nations like China. Several countries from the region have been looking to join BRICS — which consists of Russia, Brazil, India, China and South Africa in recent months, including the UAE, Egypt and Saudi Arabia.

China is also planning to invest USD 36 bn in Algeria, in sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture, Reuters added.

Turkey + UAE inked several multi-bn-USD agreements to expand trade + economic ties: The agreements, estimated to be worth around USD 50.7 bn, include the establishment of a joint economic and trade commission, commitments to develop energy and natural resources projects, and an extradition pact, WAM reports. The agreements signify the strengthening of ties between the two regional powers, which had been at odds for the larger part of the last decade.

Saudi Arabia +Iran cut off diplomatic channels with Sweden over Quran desecration: Iran and Saudi Arabia have both summoned their ambassadors to Sweden following protests in the country that have seen the desecration of the Quran, the countries said in separate statements (here and here). Iran said it will not accept the new Swedish ambassador who was set to arrive in Tehran over the next few days, while Saudi Arabia handed Sweden a protest note demanding the country puts an end to “disgraceful acts that violate religious teachings, int’l laws and norms,” the foreign ministry said.

Bahrain and the US discussed building on the US-Bahrain Freetrade Agreement during the strategic dialogue held between both countries on Wednesday, Bahrain News Agency reports. Bahrain’s Foreign Affairs Minister Abdullatif bin Rashid Al Zayani and Secretary of State Antony J. Blinken discussed boosting economic ties, and confirmed their commitment to freedom of navigation in international waters and ensuring safe passage for commercial shipping.

ALSO WORTH KNOWING-

  • The Trade Promotion Organization of Iran (TPOI) has appointed acommercial envoy to Brazil in the near future in a bid to strengthen bilateral ties. (Tasnim News Agency)
  • Egypt and Indonesia agreed to enhance trade ties during the seventh round of political talks which took place in Jakarta.(Bahrain News Agency)
  • The Iraqi Civil Aviation Authority inked an updated air transport agreement with its Syrian counterpart, aiming to enhance air traffic between both countries and improve services for carriers and travelers. (Iraqi News Agency)
  • Qatar’s Emir Sheikh Tamim bin Hamad al Thani met with Turkish President Recep Tayyip Erdogan to discuss boosting trade and strategic cooperation between both countries. (Qatar News Agency)
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