The potential expansion of the BRICS bloc has been at the forefront of global discourse. Moreover, as the annual summit is set to arrive in just a matter of months, those discussions will take on more importance. Alternatively, could the country of Nicaragua join and adopt the BRICS currency?
A nation that may not be as large as the potential BRICS nations, it still maintains formidable strengths that could make it a benefit to the bloc. Nicaragua has shown its interest in BRICS and joining the nations. Last year, Nicaraguan Minister of Finance and Public Credit Ivan Acosta spoke about the country looking to strengthen its ties with the current BRICS nations. Doing so may also mean that the Central American nation will look to adopt the bloc’s currency.
Will Nicaragua Join BRICS and Adopt BRICS Currency
The minister of finance added while speaking at the Vladivostok Eastern Economic Forum:
“We believe that BRICS is a viable choice for a global alliance that provides numerous opportunities for growth in developing countries, particularly those with a different perspective on the global situation. We will continue to try to strengthen ties with the BRICS nations.”
In terms of current trade with the BRICS nations, exports from China to Nicaragua have increased at an annualized rate of 21.6% in the last three years. Nicaragua is a leading mining player and the largest gold-producing country in Central America. With Russia increasing its trade relations with Central and South American countries, it may welcome Nicaragua as well.
Nicaragua is one of many countries with active interest and/or applications pending to join BRICS. This is especially in Central and South America. It may not be the biggest or most lucrative country in the region, but Nicaragua has plenty of resources that would be of interest to potential BRICS members.
A total of 41 countries are interested in accepting and trading with BRICS currency wif it is established.