Sunday, March 3, 2024
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HomeNewsCaribbean NewsBrazil to enhance BRICS in Latin America

Brazil to enhance BRICS in Latin America

LATIN AMERICA / BRAZIL – The BRICS bloc is beginning to play an increasingly influential role in the context of emerging globalisation. Brazil has traditionally maintained active cooperation with the other five countries, and South Africa joined (still in BRIC) largely at the behest of Brasilia, with which the republic has long-standing partnership agreements.

Political analyst Andrey Volkov told TV BRICS that Brazil is now beginning a new phase in its relationship with the BRICS. In his view, the last presidential election, won by Luiz Inacio Lula da Silva, revitalises Brazil’s position in the BRICS, as the new president, during his last term, emphasised the uniqueness of the union, pointing to the benefits of multilateralism in addressing global issues such as poverty, social stratification and the environment.

“It should be noted that Lula da Silva sees BRICS as a full-fledged political alternative to the existing institutions of global governance. When assessing Brazil’s role in the BRICS, its position in Latin America must also be taken into account. Brazil seeks to increase the role of BRICS in the region, especially against the backdrop of Argentina’s formal application for membership,” said the expert.

He added that the similarities between Lula da Silva and Argentine president Alberto Fernández would further facilitate this.

“This especially concerns the abandonment of the dollar and the creation of a common Brazilian-Argentine currency, which could not only become the single currency of Latin America in the future but if successful, could be used to create a single BRICS currency that could be used to service both financial and trade flows, thus reducing transaction costs and foreign economic vulnerability,” stressed Andrey Volkov.

Under Lula da Silva, Brazil will regain an active role in BRICS – the country’s leader will continue to promote the role of the union on international platforms and encourage new countries, especially Argentina, to join the BRICS, according to the expert.

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