Venezuela Aligns with BRICS Economic Bloc, Foreign Minister States

Venezuela aligns with BRICS, signaling growing trend of developing nations seeking alternatives to Western-dominated institutions. BRICS expansion could reshape global landscape, challenging traditional powers.

Nimrah Khatoon
New Update
Venezuela Aligns with BRICS Economic Bloc, Foreign Minister States

Venezuela Aligns with BRICS Economic Bloc, Foreign Minister States

Venezuelan Foreign Minister Yvan Gil Pinto has declared that Venezuela feels part of the BRICS economic bloc, signaling the country's alignment with the group consisting of Brazil, Russia, India, China, and South Africa. The statement was made during a joint conference held by the Venezuelan Foreign Ministry and the Russian Embassy in Caracas, which focused on the "Contemporary tendencies of a new multi-polar and multi-centric world".

The event brought together diplomats, foreign ministry staff, and international relations experts. In his address, Gil Pinto condemned the West's attempts to reinstate a unipolar world order and compel nations to accept its "rule-based order". He also denounced illegitimate unilateral sanctions on countries that choose to defend their national sovereignty, independence, and right to choose their own development model.

Several other countries, including Algeria, Belarus, and Syria, have expressed interest in becoming members of BRICS. The group positions itself as a platform for mutually beneficial partnership between member countries, working in the format of annual summits. Under Russia's presidency, active work is underway to develop the selection criteria and candidates to be admitted to BRICS, with the principles of multipolarity and increasing the role of developing countries in global governance being key considerations.

Why this matters: Venezuela's alignment with BRICS reflects a growing trend of developing countries seeking alternative economic and political partnerships outside of Western-dominated institutions. As BRICS expands its membership and influence, it could reshape the global economic and geopolitical landscape, challenging the dominance of traditional powers.

Experts believe that BRICS is becoming a natural pole of attraction for developing countries, as it allows them to address economic and political issues in a systematic manner. The interest shown by Syria in joining BRICS is seen as another important signal that the grouping's international weight has increased, according to Russian Deputy Foreign Minister Sergey Ryabkov, who is also Russia's BRICS Sherpa. "The Syrian ambassador to Moscow has conveyed that Damascus is seeking to become a BRICS member, which has been communicated both in written and oral form, including at the high level," Ryabkov stated.

As the BRICS countries work to create an independent economic and financial system to enhance their immunity against external threats, Venezuela's alignment with the bloc could provide the country with new opportunities for trade, investment, and cooperation. The upcoming BRICS summit in Kazan, Russia, in October 2024, is expected to make significant progress in developing this independent system, with Russia's Deputy Foreign Minister emphasizing the need for the BRICS countries to go "digital" to avoid vulnerability to hostile encroachments on their trade and economic interaction from outside.

Key Takeaways

  • Venezuela declares itself part of the BRICS economic bloc.
  • BRICS positions itself as a platform for developing countries.
  • Several countries, including Algeria, Belarus, and Syria, seek BRICS membership.
  • BRICS aims to create an independent economic and financial system.
  • BRICS summit in 2024 to focus on developing digital systems to avoid external threats.