Possible Joining BRICS to Open Up Grand Economic Prospects for Libya, Investment Minister Says

BENGHAZI (Sputnik) - BRICS, founded in 2006, includes Brazil, Russia, India, China, and South Africa. As of January 1, with Russia's rotating presidency, new members Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia have joined. Although Saudi Arabia hasn't formalized its membership, it participates in BRICS meetings.
Sputnik
If Libya joins BRICS, this will open up grand economic prospects for the country, but such a decision requires strong political will, Investment Minister of Libya's eastern administration Ali Al-Saidi Al-Qaidi, told Sputnik.
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In late September, Libyan Foreign Minister Abdul Hadi Al-Hweij told Sputnik that the eastern-based Government of National Stability in Libya was seriously studying the possibility of joining BRICS.
"Joining BRICS will open up excellent economic prospects that will help Libya free itself from the dependence on the US dollar, but Libya's joining BRICS requires a strong political decision," Al-Qaidi said.
The minister added that he was certain the bloc's upcoming summit in Russia's Kazan would be successful and yield tangible results.