Colombian President Petro Seeks BRICS Membership with Brazil's Support

Colombian President Gustavo Petro has expressed keen interest in joining the BRICS group of emerging economies, and his aspirations have been bolstered by the support of Brazilian President Luiz Inácio Lula da Silva. During a meeting in Bogotá, the two leaders discussed Colombia's potential membership in BRICS, with Lula committing to advancing Colombia's candidacy, according to a joint statement from the Colombian Ministry of Foreign Affairs.

President Petro conveyed Colombia's eagerness to become a full member of BRICS "as soon as possible" during the talks with his Brazilian counterpart. In response, President Lula welcomed the initiative and pledged Brazil's support in promoting Colombia's bid for membership.

The BRICS group, originally comprising Brazil, Russia, India, China, and South Africa, has recently undergone a significant expansion. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates officially joined BRICS as full members. The bloc's growing attractiveness is evident, with reports indicating that over 40 countries are currently seeking membership in this "free, flexible form of interaction."

The joint statement from the Colombian Ministry of Foreign Affairs highlighted the importance of the Colombia-Brazil relationship for the prosperity of South America. In addition to discussing BRICS, Presidents Petro and Lula explored opportunities for increased commercial integration in Latin America, the potential for a regional development bank, and strategic partnerships, particularly in clean energy generation.

Why this matters: Colombia's potential membership in BRICS signifies a shift in the global economic landscape, with more countries seeking alternatives to Western-dominated institutions. The expansion of BRICS could have far-reaching implications for international trade, geopolitics, and the balance of power in the world economy.

The upcoming BRICS summit is expected to focus on further expansion and reducing reliance on the US dollar. While some European countries have shown interest in the bloc, their likelihood of joining remains low due to the ongoing conflict involving Russia. As BRICS continues to integrate new members, including an invitation to Serbia marking its first overture towards European integration, the bloc's influence on the global stage is set to grow. With the BRICS countries currently accounting for 36% of global GDP in terms of purchasing power parity, and projections indicating they will overtake the G7 in their share of nominal global GDP within the next four years, the economic clout of this group cannot be overlooked.

Key Takeaways

• Colombian President Petro seeks to join BRICS, supported by Brazil's Lula.
• BRICS expanded in 2024 to include 5 new members, with over 40 countries seeking membership.
• Petro and Lula discussed increased commercial integration and strategic partnerships in Latin America.
• BRICS expansion signals a shift in the global economic landscape, reducing reliance on the US dollar.
• BRICS countries are projected to overtake the G7 in nominal global GDP share within 4 years.