Mexico Eyes 2024 Entry into BRICS Crypto Alliance

• Mexico Unlikely to Join BRICS Alliance
• Comments from the Mexican President
• Mexico's Position on BRICS' Currency Objectives
• Possible Benefits for Mexico from Joining BRICS
• Adoption of the BRICS Currency by Mexico
• The South African Foreign Minister's Perspective
• Mexico's Future BRICS Involvement

Mexico Unlikely to Join BRICS Alliance

In August 2023, the BRICS Alliance expanded its membership to include several new countries such as Egypt and Iran. Despite speculation, Mexico has confirmed its lack of interest in joining the alliance.

Comments from the Mexican President

Prior to the August Summit, Mexico's President Andres Manuel Lopez Obrador addressed rumors of Mexico's potential application to join the BRICS Alliance. He stated, We are not going to participate in this bloc, in this association. Since this affirmation, Mexico has maintained its stance, focusing instead on bolstering relationships with other trade nations, including the United States and Canada.

Mexico's Position on BRICS' Currency Objectives

BRICS aims to move away from reliance on the US Dollar and promote a new global currency. However, Mexico has shown no interest in participating in this de-dollarization project. As we usher in 2024, any chance of Mexico joining the BRICS Alliance seems unlikely.

Possible Benefits for Mexico from Joining BRICS

Despite its apparent disinterest, Mexico could reap certain benefits should it decide to join BRICS. Potential perks include access to larger markets and stronger bargaining power in international affairs. Joining BRICS would also afford Mexico the opportunity to work more closely with other prominent nations around the globe.

Adoption of the BRICS Currency by Mexico

The notion of adopting the BRICS currency is still in its infancy, giving Mexico some time to consider the potential impact on its economy. The decision to join and adopt the currency is still speculative and it's conceivable that Mexico might reconsider its stance on BRICS membership in 2024.

The South African Foreign Minister's Perspective

During expansion discussions, South African Foreign Minister Naledi Pandor indicated that Mexico was a potential candidate for BRICS membership. Nevertheless, Mexico's choice to reinforce its ties with the US and other nations opposed to BRICS swayed the alliance's sentiment away from Mexico.

Mexico's Future BRICS Involvement

As it currently stands, Mexico's participation in BRICS in 2024 seems unlikely under President Obrador's leadership. Nonetheless, the Mexican general election, scheduled for the summer of 2024, could bring about new political voices with differing views on BRICS. The possibility of Mexico's future involvement in BRICS cannot be eliminated, especially as the alliance gains momentum.

Edited by Jonathan Stoker