The BRICS Alliance chose to expand its bloc in August 2023, inviting multiple new members including Egypt, Iran, and others. However, one nation that was rumored to have an interest in joining BRICS was Mexico, which has since shut down any BRICS involvement.
Before the August Summit, Mexican President Andres Manuel Lope Obrador spoke about rumors of Mexico applying to join BRICS. Specifically, the president said, “We are not going to participate in this bloc, in this association.”
Since President Obrador made this statement, Mexico has done little to change its stance on joining BRICS. Instead, Mexico chooses to continue strengthening ties with other trade countries, including the United States and Canada. While BRICS has objectives to dump the US Dollar and usher in a new global currency, Mexico does not appear interested in collaborating on this de-dollarization project. Entering 2024, it is unlikely that Mexico will join BRICS.
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Does Mexico See Benefit From Joining BRICS in 2024?
On the other hand, Mexico would see some benefits if it opened the door to joining BRICS. For example, 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 have access to work in tandem with other top nations across the ocean.
In terms of adopting the BRICS currency, as the idea is still in the early stages, Mexico has some time to decide how the new currency would impact its economy. Whether the country decides to join and adopt the currency will take much time to speculate, and it’s never impossible that Mexico will change its mind about joining BRICS in 2024.
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During expansion talks, South African Foreign Minister Naledi Pandor said that Mexico was a candidate to join BRICS. However, the country’s decision to strengthen ties with the US and other BRICS opposers ultimately swayed the alliance away from Mexico.
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.