In a bid to bolster its commodities exports and bolster its emerging lithium industry, Bolivia’s President Luis Arce is set to participate in the upcoming BRICS summit to be held in South Africa next month. The decision was announced by Bolivian Foreign Minister Rogelio Mayta during a press conference on Monday.
The country aims to forge sustainable and inclusive development while fostering stronger ties of cooperation with these emerging economies, as highlighted by Minister Mayta’s statement.
President Arce will join senior officials from Brazil, Russia, India, China, and South Africa at the annual meeting of the BRICS geopolitical bloc scheduled from August 22 to 24 in Johannesburg. An essential point of discussion during the summit will revolve around the potential admission of new member countries.
A substantial interest has been shown in joining the BRICS group of nations, with over 40 countries expressing their desire, according to a senior South African diplomat this month. Although an official list has not been released, previous expressions of interest have come from countries such as Saudi Arabia, Argentina, Egypt, Iran, Cuba, and Kazakhstan.
During a meeting of the South American trade bloc known as Mercosur in July, President Arce emphasized Bolivia’s pursuit of strategic alliances with BRICS nations and new partnerships aimed at challenging the existing global economic order.
To reduce their reliance on the US dollar, Bolivia has also taken steps to increase transactions in Chinese yuan, aligning with the objectives of other BRICS member countries.
Notably, China and Russia have been active in investing to develop Bolivia’s substantial lithium resources. This year, three significant deals worth a total of $2.8 billion were signed with two Chinese firms and a Russian firm.
Bolivia’s participation in the BRICS summit signifies the country’s commitment to tapping into the potential of these emerging economies and building partnerships that pave the way for economic growth and development. As the event draws closer, attention will be on the discussions surrounding new member admissions and the prospects for further collaborations among BRICS nations.
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