Mexico’s Potential to Join BRICS:Will Mexico Be the Next Member of BRICS?

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Mexico is one of the largest and most dynamic economies in Latin America, with a population of over 120 million people and a GDP of $1.3 trillion in 2022. It has a strong manufacturing sector that competes with China in some markets, as well as a close trade relationship with the United States, its main partner. Mexico is also part of the Next Eleven, a group of emerging economies that have the potential to become major players in the global arena.

In recent years, Mexico has expressed its interest in joining BRICS, an alliance of five emerging economies that currently consists of Brazil, Russia, India, China and South Africa. BRICS represents over 40% of the world’s population and over 25% of the global GDP. It also has its own development bank, the New Development Bank (NDB), which provides financing for infrastructure and sustainable development projects in member countries and other developing nations.

Mexico’s bid to join BRICS is motivated by several factors. First, Mexico shares the vision and values of BRICS, which are based on multilateralism, cooperation, dialogue and respect for diversity. Mexico hopes to deepen its cooperation with BRICS in various fields, especially in medicine and trade, where it can offer its expertise and experience. Second, Mexico sees BRICS as an alternative platform to diversify its foreign relations and increase its global influence.

Mexico wants to reduce its dependence on the US, which has imposed tariffs on its goods, threatened to cut off aid and demanded that it do more to stop the flow of migrants from Central America. Mexico also wants to have a greater voice in international affairs and contribute to the reform of global governance institutions. Third, Mexico expects to benefit from the economic opportunities that BRICS can offer. Mexico can access new markets, investments and technologies from BRICS countries, as well as participate in the NDB’s projects and initiatives.

However, Mexico’s bid to join BRICS also faces some challenges and uncertainties. First, there is no clear criteria or process for admitting new members to BRICS. The decision depends on the consensus of the existing members, who may 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 BRICS as a threat to its regional hegemony.

In conclusion, Mexico has the potential to join BRICS as one of the next members in 2023. This would bring benefits for both Mexico and BRICS in terms of economic growth, political influence and global cooperation.

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