Following rising tensions with the United States, Mexico is expressing an interest in joining the BRICS trade alliance, joining with such countries as Brazil, Russia, India, China and South Africa.
In a statement on the matter, Mexican Foreign Minister Marcelo Ebrard noted that Mexico holds the same vision and values as BRICS and would like to see a deepening cooperation with the alliance, especially in fields such as medicine and trade.
Mexico made the announcement as tensions have been growing with its northern neighbor, the United States, over issues such as human rights, migration, border security, and trade.
For its part, the United States has demanded Mexico do more to stem the flow of migrants across the border into the US, even threatening to cut off aid to the state, and imposing tariffs on Mexican goods. The US has also criticized its southern neighbor over its handling of the Covid-19 crisis and its interference in the Venezuelan crisis.
As a result, Mexico is now turning to the BRICS alliance as a means of increasing its global profile, and diversifying its foreign relations.
After Brazil, Mexico is the second-largest Latin American economy, with a population of over 120 million people. Its manufacturing sector is unusually strong, competing even with China in some sectors. The country has close ties with China, which is it second-largest trading partner, after the US. Mexico has already participated in a number of BRICS summits, both as a guest and an observer.
However Mexico’s path to BRICS membership is not without obstacles and uncertainties. Although Russia has made statements indicating BRICS could expand to include as many as five more countries by the end of 2023, the group has not formally announced any criteria or process for admitting new members.
The alliance also has different agendas and priorities which may not always align with Mexico’s. For instance, although both China and India are members of BRICS, in Asia they are rivals, forcing Mexico to balance its relations with the nations more carefully. Mexico would also be igniting a political firestorm closer to home where the United States might view its entry into the alliance as a threat to its regional hegemony.
Formed in 2009, the BRICS group was supposed to help its members challenge the geopolitical dominance of Western global political institutions such as the IMF and World Bank.
The BRICS nations have created their own development bank, as well as a contingency reserve fund to support their continued economic growth and stability. Together the BRICS nations comprise roughly 40% of the world population, 30% of the world’s GDP, and 20% of the worlds trade.
