Introduction to BRICS and Colombia’s Membership
Colombia has been accepted as a member of the New Development Bank (NDB) of BRICS, an approach to emerging economies amidst tensions with the United States, Colombia’s foreign minister announced on Thursday.
Colombia’s President Seeks Diversification
President Gustavo Petro requested Colombia’s membership in the BRICS bank back in May. The group comprises Brazil, Russia, India, China, and South Africa, among others. Petro aims to reduce Colombia’s dependence on the US, its primary ally, due to the ongoing trade war initiated by Donald Trump.
Colombia’s Stance on Global Issues
Despite joining the NDB, Colombia maintains its neutral position regarding the war in Ukraine and has not committed to joining the BRICS bloc. This strategic move allows Colombia access to resources and loans for national projects without being a member or having a vote in the economic bloc’s summits.
Petro’s International Initiatives
President Petro has been actively pursuing international partnerships to lessen Colombia’s reliance on the US. In May, he visited Beijing and signed Colombia’s entry into China’s Belt and Road Initiative (BRI), a massive infrastructure project aiming to expand China’s global influence.
Colombia’s Financial Commitment
As part of the application process, Colombia pledged to acquire $512.5 million in the NDB’s shares, demonstrating its commitment to this emerging economies’ alliance.
BRICS as a Counterbalance to G7
The BRICS organization, which includes some of the world’s most powerful emerging economies, has solidified its position as a counterbalance to the Group of Seven (G7) in recent years. The G7 nations hold a significant portion of the world’s wealth.
Key Questions and Answers
- Who is President Gustavo Petro? President Gustavo Petro is the current president of Colombia, elected in 2022. He aims to diversify international partnerships and reduce Colombia’s dependence on the United States.
- What is the New Development Bank (NDB)? The NDB is an international financial institution established by the BRICS nations (Brazil, Russia, India, China, and South Africa) to mobilize resources for infrastructure and development projects in member countries and others.
- Why is Colombia joining the NDB significant? By joining the NDB, Colombia gains access to resources and loans for national projects without becoming a full member of the BRICS bloc or having a vote in its summits. This move reflects President Petro’s strategy to reduce Colombia’s reliance on the US.
- What is China’s Belt and Road Initiative (BRI)? The BRI is a global development strategy adopted by the Chinese government in 2013, focusing on infrastructure development and investments in participating countries across the world.
- What is the Group of Seven (G7)? The G7 is a group of seven wealthy democracies consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The group aims to promote global economic cooperation and address international challenges.
