By Camila Betancor Santana

Bolivia’s aspiration to grow to be a member of the BRICS (Brazil, Russia, India, China, and South Africa) is seen by some as a extremely strategic transfer by the federal government.

Analyst Gabriel Villalba suggests to Sputnik that with Bolivia inside this group, the USA would possibly proceed with warning in any direct intervention within the nation’s inner politics.

Bolivian President Luis Arce is anticipated to take part within the fifteenth BRICS Summit in Johannesburg, South Africa.

La Paz has begun negotiations to hitch the financial bloc, selling a multipolar strategy to worldwide relationships.

On June 12, the Bolivian authorities formally introduced its want to hitch the group by means of a letter to the bloc’s members, initiating what International Minister Rogelio Mayta describes as a “lengthy however applicable” course of.

In accordance with Villalba, additionally the director of the Heart for Geopolitical Research Nuestroamericano (CENAC), Bolivia has been fostering new paradigms of relationships each regionally and globally.

This has been notably for the reason that tenure of former president Evo Morales (2006-2019) and the enactment of the 2009 Structure.

That is in keeping with the precept of non-intervention in inner affairs.

Villalba believes that Bolivia would profit from becoming a member of the BRICS.

In his view, this transfer is a strategic one by the Bolivian authorities, because the BRICS nations might present Bolivia with new allies in a multipolar world that may counterbalance U.S. affect.

He additionally emphasizes that the BRICS nations’ resolution to conduct financial and monetary transactions of their currencies aligns with Bolivia’s strategy of giving prominence to its foreign money, the boliviano, to maneuver away from the U.S. greenback.

In accordance with Villalba, this alignment is extremely encouraging, including to the rising financial multipolarity and difficult conventional imperial constructions.

Bolivia isn’t alone in its curiosity in becoming a member of the BRICS.

Over 20 nations have sought membership, together with Saudi Arabia, Algeria, Egypt, Indonesia, Iran, and Turkey.

Venezuelan President Nicolás Maduro expressed curiosity in becoming a member of the group within the area in Could 2023, whereas the Argentine authorities formally requested inclusion in September 2022.

Villalba sees it as constructive that Latin American nations search to hitch a bunch representing greater than 31.5% of world GDP.

He highlights the area’s wealth, being the continent with the biggest lithium reserves, probably the most freshwater reserves, and the best biodiversity.

With over 21 million tons of lithium reserves, Bolivia kinds a part of the Lithium Triangle with Argentina and Chile.

Villalba speculates that Bolivia would possibly be capable to affect worldwide lithium pricing, a facet that might curiosity the BRICS.

Bolivia additionally enjoys sustained financial development.

The Financial Fee for Latin America and the Caribbean (ECLAC) reported that between 2009 and 2019, the nation achieved a mean financial development fee of 4.9% in its GDP.

Villalba attributes this to strategic insurance policies and political selections, together with the nationalization of hydrocarbons, a step away from the vast majority of income going to multinational firms.

In accordance with the analyst, Bolivia’s financial insurance policies align with the BRICS of their worldwide financial and monetary stance and their relations with different international powers.

This put up was revealed first in Sputnik