A man walks outside the venue hosting the BRICS foreign ministers meeting, in Nizhny Novgorod, Russia, June 9, 2024. Photo: Reuters.
The vice president of Venezuela, Delcy Rodríguez, recently made a statement regarding Venezuela’s incorporation into BRICS+, and highlighted the importance of this economic and political association. She pointed out that, unlike the program of Venezuelan opposition groups which only want to hand over Venezuela’s wealth to imperialist powers in decadence, President Nicolás Maduro’s new administration will include the incorporation of Venezuela into the multipolar organization.
Rodriguez emphasized that the BRICS+ represents the giants of the world economy, as well as the major oil and gas producers of the planet, which would place Venezuela in a strategic position. She added that BRICS+ is planning to create currencies and digital payment platforms to compensate between national currencies, with the aim of freeing the world from commercial transactions subject to blackmail and unilateral sanctions imposed by the US government.
Russia supports Venezuela’s interest in joining the BRICS+. This has been expressed by Russian Foreign Affairs Minister Sergey Lavrov in a meeting with his Venezuelan counterpart, Yván Gil, in the Russian city of Nizhny Novgorod.
💬 Canciller Serguéi Lavrov: Tenemos una buena relación con Venezuela.
Creamos mecanismos financieros y logísticos, resistentes a la influencia externa y que garantizan la protección de nuestros lazos frente a las acciones ilegítimas de EEUU y sus aliados.#RusiaVenezuela pic.twitter.com/7xcRUIKbtF
— Cancillería de Rusia 🇷🇺 (@mae_rusia) June 11, 2024
The meeting took place as part of the Conference of Foreign Ministers of the BRICS+ group of countries. The official statement of the Russian Foreign Ministry highlights the will of both countries to promote a truly multipolar world, based on respect for international law and the end of coercive unilateral measures.
The dynamic development of the strategic partnership between Russia and Venezuela is highlighted in the text, which emphasizes the importance of strengthening political dialogue, expanding trade, investment, scientific and technological ties, as well as promoting cultural and humanitarian exchanges.
Russia also expressed its support for the efforts of the Venezuelan government, led by President Nicolás Maduro, to stabilize the internal situation in view of the upcoming presidential elections.
After this meeting, President Maduro announced the creation of an agro-productive business commission covering all the states of Venezuela, with the purpose of establishing connections and agreements with the BRICS+.
The President highlighted the need to expand investments in non-oil sectors and seek trade opportunities with the bloc. He stressed that the rapprochement with these emerging countries is essential to boost domestic production and expand Venezuelan exports.
Historic summit in Nizhny Novgorod
Foreign affairs ministers of the BRICS+ countries held a two-day meeting in Nizhny Novgorod, Russia, that concluded on June 11, marking the first time that such a high-level meeting has been held since the group’s historic enlargement in January 2024.
The summit was attended by senior diplomats from the bloc, including its new members such as Egypt, Ethiopia, the United Arab Emirates, and Iran, as well as other countries invited in the BRICS+ Outreach format.
In addition to Venezuela, the summit was attended by foreign ministers and deputy foreign ministers from Belarus, Cuba, Bahrain, Turkey, Thailand, Sri Lanka, Laos, Nigeria, Algeria, Mauritania, Vietnam, Bangladesh, Indonesia, and Kazakhstan.
Also noteworthy was the presence of the foreign affairs minister of Saudi Arabia, Faisal bin Farhan Al Saud. Although Saudi Arabia has not confirmed its membership, his presence at these events shows its interest.
The meeting culminated with a joint declaration of the foreign ministries, which addressed 54 points. The diplomats reaffirmed their commitment to strengthening the strategic partnership in three areas: politics and security; economy and finance; and cultural and humanitarian ties. They also expressed concern about the negative impact of unilateral coercive measures on global economy that violate international law, stressing the need for comprehensive reform of the United Nations.
At the final press conference, Sergey Lavrov also highlighted the destructive nature of “trade protectionism” pursued by the United States and its allies.
What joining BRICS+ means for Venezuela
BRICS+, an interstate partnership founded as BRICS in 2006, has undergone a remarkable expansion. Initially comprising Brazil, Russia, India, China, and South Africa, the bloc accepted the incorporation requests of Egypt, Iran, UAE, Ethiopia, and Saudi Arabia in 2023.
With more than 30 countries interested in joining, the partnership is consolidating its position as a key player in the international scene. Russia, the current pro tempore president of the group, is working on the creation of a special category for partner countries.
Venezuela’s possible accession to the bloc would bring with it several strategic advantages, for both the country and the group as a whole. The creation of a single payment system by the BRICS would allow Venezuela to reduce its dependence on the dollar, and would minimize the risks of negative consequences originating from US-imposed unilateral coercive measures. This initiative would facilitate international trade and foreign investment in Venezuela.
In addition, Venezuela’s integration into BRICS’ New Development Bank (NBD) mechanism would reduce its exposure to the dollar and mitigate the impact of the coercive measures associated with the US-controlled global payment system SWIFT.
Moreover, the incorporation of Venezuela would strengthen the BRICS’ energy power. Venezuela’s vast reserves of oil, gas and minerals would increase the amount of strategic resources of the BRICS+. The union of the seven OPEC countries, including Venezuela, aspiring to join the association would guarantee BRICS’ control over 83% of the world’s known oil reserves.
The expansion of BRICS+ is a clear confirmation of the global structural transition to a multipolar world. President Maduro’s government, aware of this change of scenario, is accelerating the processes for Venezuela to play a fundamental role in this new era of international cooperation.
Translation: Orinoco Tribune
OT/SC/DZ
Misión Verdad
Misión Verdad is a Venezuelan investigative journalism website with a socialist perspective in defense of the Bolivarian Revolution
