With BRICS looking to continue expansion of its alliance in 2024, multiple countries are in the mix to join. In August 2023, multiple countries were extended invitations to the BRICS bloc. Five new nations ended up joining in the new year. With that, could additional Western countries join BRICS in 2024 to eliminate the US Dollar, like Canada and Mexico?
Mexico was long rumored to have 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 in the BRICS bloc. Canada on the other hand, hasn’t shared any interests in joining BRICS or formally applying. Is there anything that could change these two nations’ minds in the new year?
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Would Canada and Mexico join BRICS?
Considering both nations’ relationships with the USA currently, it is unlikely that Canada and Mexico would join BRICS to rid US Dollar. The greenback’s dominance over the world was challenged last year, in part due to internal factors and regulation in the US, as well as inflation.
While BRICS has aspirations to dump the US Dollar altogether for a BRICS global currency alternative and local currency, neither Mexico nor Canada appears interested. Both countries would have access to large markets and bargaining power in international affairs.
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However, as mentioned previously, both Mexico and Canada have ties to the US. Hence, they will very unlikely join BRICS in 2024 to get rid of the US Dollar.