Canada & Mexico to Join BRICS: The Fall of US Dollar in 2024?

• Potential Expansion of BRICS: An Analysis of Canada and Mexico's Involvement
• Mexico's Stance on Joining BRICS
• Canada's Position Regarding BRICS
• Will Canada and Mexico Join BRICS?
• BRICS' Aspirations and Western Countries' Responses

Potential Expansion of BRICS: An Analysis of Canada and Mexico's Involvement

In the year 2024, the BRICS alliance plans to continue its expansion beyond the current member countries. As previously noted, several nations received invitations to join the BRICS bloc in August of 2023, with five new countries deciding to join the following year. This raises the question - could we see Western nations such as Canada and Mexico join BRICS in 2024 with the goal of eliminating the US Dollar?

Mexico's Stance on Joining BRICS

Rumors have been circulating about Mexico's interest in becoming part of the BRICS alliance. However, these rumors were put to rest in the run-up to the alliance's August summit when Mexican president Andres Manuel Lopez Obrador declared that Mexico would not be joining the BRICS bloc.

Canada's Position Regarding BRICS

Unlike Mexico, Canada has not publicly expressed any interest in joining BRICS or any plans of formally applying for membership. Could the upcoming year bring about any changes to these two nations' positions?

Will Canada and Mexico Join BRICS?

Currently, given the existing relationships that both Canada and Mexico maintain with the USA, it seems highly unlikely that either country would choose to join BRICS with the intention to replace the US Dollar. The US Dollar's global dominance was indeed questioned in the past year due to internal struggles within the US, along with increasing inflation.

BRICS' Aspirations and Western Countries' Responses

BRICS holds the ambition to replace the US Dollar with a global currency alternative of their own and local currencies. Despite the potential benefits, such as access to large markets and increased leverage in international affairs, neither Canada nor Mexico appear inclined to join. Their historical ties to the US make it highly improbable that they will decide to join BRICS in 2024 with the objective of replacing the US Dollar.

Edited by Jonathan Stoker