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 <p>The new BRICS member Saudi Arabia is seeking to expand its trade deals beyond the traditional oil and gas markets. Saudi Arabia is lining up more bilateral trade agreements to diversify its $1.1 trillion economy in the coming years. The Kingdom now wants to reduce dependence on oil and boost other forms of trade and investment deals. The diversification of its economy comes on the heels of Saudi Arabia joining the BRICS alliance in 2024.</p>
 <p><strong>Also Read: BRICS: Global Power Dynamics Shifting From the West</strong></p>
 <p>The Middle Eastern country also announced that it is open to accepting local currencies for oil instead of the US dollar. Read here to know how many sectors in the US will collapse if BRICS stops using the dollar for trade.</p>
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 <p>Therefore, the countries that want to pay in local currencies for <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a>, can freely pay without depending on the US dollar. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> looks to control the <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> sector with local currencies and is convincing developing countries to ditch the US dollar.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: India Projected to Outperform 2 G7 Countries by 2030</strong></p>
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 <h2 class="wp-block-heading" id="h-brics-saudi-arabia-seeks-new-trade-deals-beyond-oil">BRICS: Saudi Arabia Seeks New Trade Deals Beyond Oil</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp" alt="Extended BRICS Saudi Arabia Oil Gas Commodity GDP" class="wp-image-110044" srcset="https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 1024w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 300w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 768w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 380w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 550w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 800w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 1160w, https://cdn.thebittimes.com/images/2023/10/29/cc7b2638bb0c6a781f5b584f78453a44.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: oilandgasmiddleeast.com / ShutterStock
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 <p>BRICS member Saudi Arabia is looking to expand its economy with new trade deals in these sectors.</p>
 <ol>
  <li>Global supply chain</li>
  <li>Allowing new industries to open plants for production</li>
  <li>Electric vehicle manufacturing</li>
  <li>Pharmaceuticals</li>
 </ol>
 <p>Therefore, Saudi Arabia will soon begin to expand its economy on the heels of joining BRICS. The development gives the Kingdom more room, other than oil, to accept local currencies and end reliance on the US dollar. Faisal Al Ibrahim, the economic minister said that Saudi Arabia is exploring new trade deals with an <strong>“ambitious”</strong> list of countries.</p>
 <p><strong>Also Read: BRICS Becoming Richer Than G7</strong></p>
 <p><strong>“Exports are growing, but not as much as we want them in terms of non-<a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> exports,”</strong> Al Ibrahim said. <strong>“We want them to grow faster,”</strong> he summed it up to Bloomberg. In conclusion, <a rel="noopener noreferrer nofollow" title="Saudi Arabia" href="https://thebittimes.com/tag/saudi-arabia.html">Saudi Arabia</a>’s expanding economy poses a threat to the US dollar, as they have more options to accept local currencies moving forward.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Oil</li>
  <li>Saudi Arabia</li>
 </ul>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-saudi-arabia-lines-up-new-trade-deals-beyond-oil-tbt68259.html">https://thebittimes.com/brics-saudi-arabia-lines-up-new-trade-deals-beyond-oil-tbt68259.html</a></p>

BRICS: Saudi Arabia Lines Up New Trade Deals Beyond Oil

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