Mexico and BRICS: A Potential Shift in Alliances?

Admin May 02, 2024

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M. A. Javed

Mexico's potential membership in BRICS (Brazil, Russia, India, China, and South Africa) has been a topic of speculation in recent years. While Mexico has historically prioritized strengthening ties with the United States and Canada, the BRICS bloc's growing influence presents an intriguing alternative.

Mexico's Reluctance to Join BRICS

In 2023, despite rumors of interest, Mexican President Andres Manuel Lopez Obrador firmly rejected joining BRICS. This decision highlighted Mexico's focus on North American partnerships. However, with Mexico's presidential election approaching in 2024, a shift in stance cannot be entirely ruled out.

Also Read: Mexico BRICS: Several Interesting Connections to Explore

Potential Benefits of Mexico Joining BRICS

Diversified Markets and Increased Influence: Membership in BRICS would grant Mexico access to vast new markets and potentially greater bargaining power on the global stage. Collaboration with these emerging economies could significantly boost Mexico's economic standing.

A Challenge to the U.S. Dollar: If Mexico adopts the BRICS currency for international trade, it could ripple through Latin America. This could weaken the U.S. dollar's dominance and pave the way for a more multipolar economic landscape.

Obstacles to Mexico Joining BRICS

Strained Relations with the U.S.: A shift towards BRICS could significantly impact Mexico's relationship with its northern neighbor, the United States. The economic and political implications of such a move need careful consideration.

Uncertainties of the BRICS Bloc: BRICS itself is a relatively new alliance, and its future trajectory remains somewhat unclear. Mexico would need to weigh the potential benefits against the inherent risks of joining a developing economic bloc.

The Future of Mexico and BRICS

With the 2024 election looming, Mexico's stance on BRICS could change depending on the incoming administration's priorities. The growing prominence of BRICS makes it a compelling option, but the established ties with the U.S. and Canada are a significant factor to consider. As both BRICS and Mexico continue to evolve, this potential partnership remains an intriguing possibility to watch in the coming years.