One of the most speculated nations on the brink of joining BRICS and abandoning the US dollar in 2024 is Mexico. The nation has been working to strengthen ties with its North American counterpart United States, therefore, many doubt that the sudden jump to BRICS is in Mexico’s future.
Mexico was long rumored to have an interest in joining BRICS last year. However, before the alliance’s August summit, Mexican president Andres Manuel Lopez Obrador firmly stated that Mexico would not participate. Since that declaration, Mexico hasn’t appeared to change its mind on the alliance.
Also Read: BRICS: Russia, China & India Ditch US Dollar in 95% of Trade
How Would Mexico Benefit From Joining BRICS in 2024 and Abandoning the US Dollar?
Both Mexico and the BRICS bloc would benefit if the country were to join the alliance in 2024. For example, The move could impact Mexico’s relations with other countries, including its neighboring the U.S. and Canada. The U.S. dollar’s global status will also be challenged if Mexico accepts the upcoming BRICS currency.
Mexico would have access to larger markets and greater bargaining power in international affairs. With the number of nations interested in and already involved with BRICS, Mexico’s economy will also have access to work in tandem with other top nations across the ocean. In addition, Mexico accepting BRICS currency for international trade could pave the way for Latin American countries to cut ties with the U.S. dollar. The BRICS currency could capture the Latin American markets making other nations end reliance on the U.S. dollar.
As of now, Mexico joining BRICS in 2024 is still unlikely as long as President Obrador is in charge. However, the Mexican general election is scheduled for summer 2024. Therefore, new candidates that have differing opinions on BRICS may be a crucial factor for voters. One cannot rule out the future of Mexico being involved in BRICS, especially as the Bloc gains momentum.