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18 Apr, 2024 11:48

Colombia wants to join BRICS

Brazil will promote its neighbor’s candidacy, according to a joint statement   
Colombia wants to join BRICS

Colombia is seeking to become a full-fledged member of the BRICS group as soon as possible, and Brazil will promote its candidacy, according to a joint statement from the leaders of Brazil and Colombia, published after their meeting in Bogota on Tuesday.

BRICS – which previously comprised Brazil, Russia, India, China, and South Africa – has seen a major wave of expansion. Four more countries – Ethiopia, Iran, Egypt, and the United Arab Emirates – joined the group at the start of this year, and further additions are expected in the future.

“President [Petro expressed Colombia’s interest in joining BRICS as a full member as soon as possible, and President Lula welcomed this initiative and promised to promote Colombia’s candidacy,” the statement from Luiz Inacio Lula da Silva and Gustavo Petro reads.

Several other nations have expressed an interest in joining the group of non-Western economies, and some have already formally submitted applications, including Venezuela, Thailand, Senegal, Cuba, Kazakhstan, Belarus, Bahrain, and Pakistan.

In February, Venezuela announced it is hoping to secure BRICS membership at the group’s next summit in Russia in October. Venezuelan President Nicolas Maduro has stated that the emergence of a new multipolar world is “irreversible,” describing the group as the “future of humanity.”

Nigeria in March announced its plans to join BRICS within the next two years, viewing membership as a way to make its voice heard on the global stage.  

Some 25 countries are expecting to apply for membership during the group’s summit in the Russian city of Kazan in October, the South African ambassador to Russia, Mzuvukile Jeff Maqetuka, told TASS news agency in February. 

According to the International Monetary Fund (IMF), BRICS currently accounts for as much as 36% of global GDP in terms of purchasing power parity (PPP), compared to just over 30% for the G7 group.

The head of the New Development Bank (NDB), Dilma Rousseff, said in February that the BRICS member states will overtake the G7 in their share of nominal global GDP within the next four years. According to her, the group’s share of global economic output will rise to 40% by 2028, while that of the G7 group of developed nations will decline to 27.8%.