Russian Deputy Foreign Minister Mikhail Bogdanov announced on Tuesday that Russia welcomes Algeria's desire to join the BRICS economic bloc.

The Algerian Foreign Ministry's special envoy for international partnership Leila Zaruki told Al-Shorouk newspaper that  Algeria formally applied on Monday to join the economic association.

Following the application submission, Algerian President Abdelmadjid Tebboune is expected to inform Moscow of a suitable schedule to pay a visit and meet with Russian President Vladimir Putin.

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BRICS (Brazil, Russia, India, China, and South Africa) is an informal association of the world's major developing economies, which was formed in 2009 to enhance cooperation between the nations and elaborate common approaches to global economic challenges.

The BRICS members account for nearly 30% of the global gross output and around 40% of the global population.

"Of course, we welcome the desire of our partners and like-minded people to join the work of such formats as BRICS, SCO [Shanghai Cooperation Organization], Bogandov stated.

Waiting for timing from Algeria

The Russian Deputy Foreign Minister added, "We have a trust-based dialogue with Algeria, it is being maintained. But this issue [the accession of new members to the BRICS] is being discussed within the framework of collective work."    

Commenting on the expected visit of the Algerian President, Bogandov said that Tebboune, "has an invitation from Vladimir Vladimirovich Putin. We are waiting for the suggestions from our Algerian friends for the timing of this visit."

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Last June the BRICS countries agreed that the bloc needs new members while retaining its original character.

Earlier in May, Chinese Foreign Minister Wang Yi stated that China would initiate the process of BRICS expansion. He stated that it will demonstrate BRICS openness and inclusiveness, meet the expectations of developing countries, increase their representation and voice in global governance, and contribute more to global peace and development.

According to IMF data, China is BRICS' largest economy, accounting for over 70% of the 27.5 trillion economic might, while India accounts for around 13%, and Russia and Brazil account for 7%.