Iran, Saudi Arabia, Egypt, the United Arab Emirates, Argentina and Ethiopia have been invited to join the BRICS bloc of developing economies.
China’s exports tumbled by double digits in July, adding to pressure on the ruling Communist Party to reverse an economic slump.The inclusion of Iran, Saudi Arabia and the UAE in the same economic or political organization would have been unthinkable in recent years amid escalating tensions following the collapse of Tehran’s 2015 nuclear deal with world powers and a series of attacks attributed to the country since.
Both Saudi Arabia and the UAE also have maintained relations with Russia despite Moscow’s war on Ukraine, much to the chagrin of the U.S., which long has provided security guarantees for the major oil-producing nations. China has also sought closer relations with all three nations, particularly Iran, from which it has imported oil since the collapse of the nuclear deal.
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