MEXICO, Aug 22The refusal of the Mexican government to rapprochement with the BRICS countries is primarily due to its strong dependence on the US market and investment, in addition, the Latin American country benefits from the ongoing delimitation of the US and Chinese economies, said Victor Aramburu Cano, Doctor of Economics, professor at the Monterrey Institute of Technology.
«President López Obrador ruled out that Mexico would join the BRICS and take part in the summit of these countries. This is primarily due to Mexico's strong dependence on the United States in terms of trade and investment. In this sense, unfortunately, geography is destiny , therefore, as much as Mexico wants to diversify its trade relations, it seems difficult,» Aramburu said.
According to the professor, 85% of Mexican exports and 42% of imports come from the United States. China, in turn, provides Mexico with 18.7% of imports and only 1.8% of exports. At the same time, the conflict between the two largest economies in the world benefits Mexico.
«This (joining the BRICS in terms of foreign trade) is not beneficial for Mexico. In addition, the geopolitical conflict between China and the United States, the separation of their economies, has brought great benefits to Mexico — foreign direct investment, especially from the United States, has grown significantly and is at a record level, as well as exports to this country,» Aramburu explained.
The positions of Mexico and the countries of the Latin American region, which have expressed a desire to join the BRICS group, differ significantly. The interlocutor of the agency pointed out that the main partner of Argentina, Bolivia and Venezuela is Brazil, as well as BRICS members such as China and India.
Honduras stands apart in the group of countries showing interest in integration with the BRICS. The position of this Central American country, according to Aramburu, is similar to that of Mexico — the United States is the main trading partner of the state, providing it with half of its exports, so integration with the BRICS countries also seems difficult.
BRICS unites Brazil, Russia, India, China and South Africa, but recently at least 19 states have expressed their desire to join the economic bloc, including Argentina, Iran, Algeria, Tunisia, Turkey, Saudi Arabia, and Egypt. South Africa took over the BRICS chairmanship from China earlier this year. It will last until the end of 2023, and then it will be transferred to the next country.
On August 22-24, South Africa hosts the BRICS summit. Russia is represented at the meetings by Lavrov, and Russian President Vladimir Putin will participate in the summit in video format. It is expected that the main topics on the agenda of the leaders will be the expansion of the organization and the transition to national currencies.
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