Bolivia has expressed its desire to strengthen its ties with emerging economies and pursue sustainable development, according to the country’s foreign minister, Rogelio Mayta. In a tweet posted on Monday, Mayta announced that Bolivia would be joining the BRICS economic bloc, which consists of Brazil, Russia, India, China, and South Africa. He revealed that Bolivian President Luis Arce would present the country’s vision for future economic and social development at the upcoming BRICS summit in Johannesburg from August 22-24.
Mayta highlighted that the official communication of Bolivia’s willingness to join the group was made on June 12, 2023. He emphasized that Bolivia aims to move towards sustainable and inclusive development and strengthen cooperation with emerging economies. According to Mayta, discussions regarding Bolivia’s inclusion in the bloc have taken place with all five member countries. He acknowledged that the process may be lengthy, but assured that Bolivia is committed to working hard for the country’s progress.
The decision to include Bolivia in the BRICS bloc comes as more countries express their interest in joining. Russian Deputy Foreign Minister Sergey Ryabkov stated in June that almost 20 countries were ready to join BRICS. Additionally, South Africa’s ambassador-at-large, Anil Sooklal, claimed that over 40 countries were interested in joining the bloc. Among the countries that formally applied for BRICS membership in 2022 were Argentina, Iran, and Algeria, followed by Egypt, Bangladesh, and Ethiopia in the current year.
A recent report by Business Standard suggested that the Johannesburg summit could result in the admission of five new members to BRICS, including Saudi Arabia, Indonesia, the United Arab Emirates, Egypt, and Argentina. This development signifies the increasing role of BRICS in the international arena and showcases its appeal to countries across the globe.
BRICS, originally established as an informal club of non-Western emerging economies, now represents over 40% of the world’s population and contributes nearly a quarter of the global GDP. The inclusion of Bolivia and potentially other new members further solidifies BRICS as a significant force in the global economy.
In light of these developments, Bolivia’s involvement in BRICS offers promising opportunities for economic growth and collaboration. By joining the bloc, Bolivia can benefit from enhanced trade relations, increased investment inflows, and valuable knowledge-sharing with the established BRICS members. This partnership aligns with Bolivia’s objective of achieving sustainable development and reflects its commitment to forging meaningful connections with like-minded nations.
As Bolivia prepares to attend the BRICS summit in Johannesburg, President Luis Arce’s presentation on the country’s economic and social development vision will provide a platform to showcase Bolivia’s potential as a valuable contributor to the bloc. The participation of Bolivia and the potential addition of new members demonstrate the growing significance of BRICS as a platform for cooperation and economic progress among emerging economies.
In sum, Bolivia’s decision to join the BRICS economic bloc signifies its intent to foster ties with emerging economies and pursue sustainable development. The inclusion of Bolivia, along with numerous other countries expressing interest, further underscores the growing influence and appeal of BRICS on the international stage. This development presents Bolivia with valuable opportunities for economic growth and collaboration, and reinforces BRICS as a platform for cooperation among emerging economies.
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