BRICS: Venezuela Eager to Contribute to ‘New Economic Order’

Joshua Ramos
Source: Latina Republic

With expansion likely to take place at the bloc’s upcoming annual summit, BRICS hopeful Venezuela has recently commented on its desire to contribute to what it called a new economic order.” In fact, top diplomat Yvan Gil from the country discussed their desire to join the alliance and highlighted its goal to become its “energy hub” in the near future.

Among the interested countries, Venezuela certainly has great odds of joining the bloc. Additionally, Gil discussed the world’s leading oil reserves and how that could benefit the bloc’s growth trajectory. Highlighting its place in the growing alliance.

brics asean summit
Source: / JEWEL SAMAD / AFP)

Also Read: Venezuela Applies to Join BRICS, Could it Join at the Summit?

Venezuela Wants to Be BRICS Energy Hub

The BRICS economic alliance has certainly set itself on an interesting path over the course of the year. As the annual summit fast approaches, the countries have discussed currency and expansion plans as they set their course for the year. Meanwhile, a host of countries have lined up, hoping to be included.

Among those BRICS hopefuls is Venezuela, which has recently expressed its desire to continue what it has referred to as a “new economic order.” Indeed, Yvan Gil, a top diplomat for the country, has expressed his interest and laid out the ways in which it could positively impact the bloc’s developments.

G7 vs brics currency flags
Source: Canadian Chamber of Commerce

Also Read: Venezuela Ditches US Dollar, Says President

“Venezuela sees BRICS as a new choice for the world, a new choice of unity, a new modern world and economic order,” he stated. “Venezuelan President Nicolas Maduro has already announced the submission of a formal application for the country to join BRICS.”

“We believe that we can make an important contribution to BRICS because Venezuela has the largest oil reserves in the world, more than 300 billion barrels,” Gil stated. “Venezuela has an advanced infrastructure and can become an energy hub for BRICS,” while highlighting the opportunities that arise with inclusion.

Venezuela would certainly aid the bloc in shifting the economic power balance. Fellow BIRCShopeful Saudi Arabia could also bring oil reserves and the majority of global oil sales to the table. Moreover, these inclusions should greatly benefit the bloc’s de-dollarization efforts.