Mexico Joining BRICS

According to a Bloomberg report, Mexico has showed interest in joining the BRICS, which is an alliance of 5 nations including Brazil, Russia, India, China and South Africa. Although there is no official application yet sends by Mexico, if it does, it could lead to major changes in the global economic landscape, especially on marginal foreign transactions.

Mexico’s Acceptance of BRICS Currency

In last April, BRICS announced its own reserved currency that each member has their own reason to support this initiative of BRICS. Mexico’s interest to joining BRICS and Mexico’s interest for the acceptance to the BRICS currency can put impact on its neighbouring countries particularly the relation of Mexico with US and Canada can be affected. Because US dollar has always been the dominant currency in International transaction and if Mexico accepts BRICS upcoming currency it could challenge the dominance US dollar in world market.

Geo-political Shift after Mexico joining BRICS

• The geographic dynamics in the North and Latin American region could change if Mexico joins the BRICS. The move could create new alliances and partnerships, which could reshape the global power balance. In addition, it could lead to deeper ties between Mexico and other BRICS members, which could see increased cooperation in various areas such as diplomacy, security and cultural exchanges.
• Additionally, taking advantage of Mexico’s adoption of the BRICS currency for international trade could have wider implications for Latin American countries. It can achieve the BRICS currency in Latin American markets by relieving the trade of other countries from being dependent on the United States dollar. This change could have significant consequences for the global financial system and the US dollar’s shift as the world’s dominant currency.
• In summary, if Mexico makes an official application to join as a member of the BRICS alliance, it in itself has the potential to change the economic landscape as well as the geo-political dynamics in the North and Latin American region. The adoption of a BRICS currency for international trade could also have far-reaching consequences for the global financial system, leading to a challenge to the dominance of the United States dollar and encouraging greater closeness between participating nations.

 Benefits of Mexico Joining BRICS

• Mexico has taken an important decision to join the BRICS association, which could have implications for its relationship with the US, especially when the two countries are currently at loggerheads.
• This step taken by Mexico has the potential to strengthen its national security and promote trade and commercial commerce. By aligning with the BRICS association, Mexico can access a network that provides protection against threats such as terrorism and cyber warfare. In addition, retail information sharing with other BRICS members and access to stronger infrastructure could improve Mexico’s overall security.
• Joining the BRICS association could reduce Mexico’s dependence on the United States. This diversity of partnerships and relationships opens up new avenues for Mexico, allowing it to strengthen its position on the global stage and gain greater autonomy in its decision-making process.Challenges after Mexico Joining BRICS

Challenges after Mexico Joining BRICS

• However, there are concerns regarding Mexico’s integration with BRICS, especially given the dominant role of China. Some commentators worry that Mexico’s involvement could make it possible for it to come under China’s control or influence, which could impinge on its sovereignty and national interests.
• It is important to note that the next annual meeting of the BRICS grouping is planned to be held in South Africa in August 2023, where discussions will take place regarding the official addition of Mexico and other important issues.

 

Most Asked Questions on BRICS 1.Who are known as BRICS nation? Ans. Brazil, Russia, India, China and South Africa 2.What is the BRICS official Language? Portuguese, Russian, Mandarin, English, and Hindi. 3.What is BRICS and its purpose? Ans. BRICS is an alliance of world’s 5 largest growing economies including Brazil, Russia, India, China and South Africa. The purpose of BRICS is to promote peace, security, development and collaboration between the member countries. 4.Where is BRICS headquarters? Ans. Shanghai, China 5.When did India join the BRICS? Ans. 16 june, 2009 at first BRIC summit held in Russia 6.How many countries are there in BRICS total? Ans. 5 countries 7.Where will be the BRICS Summit 2023? Ans. Johannesburg, South Africa

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