Mexico thinking of joining the BRICS. US won't be happy about this....lol.
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Mexico has expressed its interest in joining the BRICS group of emerging economies, which currently consists of Brazil, Russia, India, China and South Africa. The Mexican Foreign Minister, Marcelo Ebrard, said that Mexico shares the vision and values of the BRICS and hopes to deepen its cooperation with them in various fields, especially in medicine and trade.
Mexico's move comes amid growing tensions with its northern neighbor, the United States, over issues such as immigration, border security, trade and human rights. The US has imposed tariffs on Mexican goods, threatened to cut off aid and demanded that Mexico do more to stop the flow of migrants from Central America. Mexico has also faced criticism from the US for its handling of the Covid-19 pandemic and its alleged interference in the Venezuelan crisis.
Mexico sees the BRICS as an alternative platform to diversify its foreign relations and increase its global influence. Mexico is the second-largest economy in Latin America after Brazil and has a population of more than 120 million people. It also has a strong manufacturing sector that competes with China in some markets. Mexico has already established close ties with China, which is its second-largest trading partner after the US. Mexico has also participated in several BRICS summits as an observer and guest.
However, Mexico's bid to join the BRICS faces some challenges and uncertainties. The BRICS group has not formally announced any criteria or process for admitting new members, although Russia has suggested that it could expand by five countries in 2023. The BRICS also have different interests and agendas that may not always align with Mexico's. For instance, Mexico may have to balance its relations with China and India, which are rivals in Asia. Mexico may also have to deal with the possible backlash from the US, which may see Mexico's alignment with the BRICS as a threat to its regional hegemony.
The BRICS group was formed in 2009 as a way to challenge the dominance of the Western-led institutions such as the IMF and the World Bank. The BRICS have created their own development bank and contingency reserve fund to support their economic growth and stability. The BRICS also cooperate on various issues such as climate change, terrorism, health and education. The BRICS represent about 40% of the world's population, 30% of the world's GDP and 20% of the world's trade.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
