On Wednesday, the president of Bolivia, Luis Arceannounced the country’s formal entry into the BRICS as a “Partner State”, highlighting the potential of this integration to promote strategic sectors such as energy, technology and trade.
“As of today, January 1, 2025, Our Plurinational State of Bolivia formally enters the BRICS as a Partner Statean important block that represents almost 45% of the world population,” Arce stated on his social networks.
The announcement was made after confirmation by the Minister of Foreign Affairs of Russia, Sergei Lavrovthrough a letter sent to its Bolivian counterpart, Celinda Sosa. Lavrov described this decision as a “historic step” that strengthens the positions of emerging countries in the international arena.
“In a world full of uncertainty due to the transition to a new global order, Being part of this block allows us to diversify and protect our assetsbecoming a relevant actor within an investment platform in emerging economies with immense potential,” declared the Bolivian president.
“Integration into the BRICS gives us the opportunity to promote key sectors such as energy, trade, technology, manufacturing and sustainable finance,” he emphasized.
The group BRICSinitially integrated by Brazil, Russia, India and Chinaincorporated South Africa in 2010. Recently, it invited new countries, including Egypt, Iran, United Arab Emirates, Ethiopia, Saudi Arabia and Bolivia, although as partners and not full members.
Bolivia had expressed its interest in joining the bloc last year, when President Arce formalized the request in the St. Petersburg International Economic Forumduring a meeting with the Russian president Vladimir Putin.
Bolivia closed 2024 with accumulated inflation of 8.82% until November, the highest in 29 years, in a context of growing economic and political tensions. The president Luis Arce He described the year as the “hardest” of his administration due to the crisis marked by the shortage of dollars and fuel.
”It was the most complicated year we have faced, but we have overcome it and we are sure that 2025 will be a better year”declared Arce during a meeting with journalists in Peace on Christmas Eve.
The Executive attributed the crisis to several factors, including the mismanagement of the hydrocarbon industry during the mandate of Evo Morales (2006-2019), an adverse international context and the blocking of international credits for more than 1,228 million dollars in the Plurinational Legislative Assembly.
“We recognize that we are facing difficulties, but we have also taken measures and that is why the economy is still growing”assured the president. The high cost of foreign debt and the protests linked to Morales aggravated the crisis, impacting the country.
Despite the efforts, the population faced a lack of fuel and the rise in prices of basic products, especially in the last days of the year.
The government pointed to speculation and smuggling as the main causes of the crisiswhich led to the implementation of stricter border controls and measures such as the temporary ban on the export of refined oil and the intervention of rice mills.
(With information from EFE)
